Bank of China, the country’s most globalized bank, is giving Geneva a second chance and opening a branch there again, but this time the focus will be different.
Bank of China Geneva Branch was registered on the Commercial Register on June 15 and listed as an authorized bank by Swiss financial regulator Finma on July 9, the bank said in a press release Monday.
Bank of China is the most globalized and integrated Chinese bank. The bank is ranked among the «Fortune Global 500» for 31 consecutive years and among the global systemically important banks for nine consecutive years. Its overseas service network covers 62 countries and regions, the press release said.
It added that with the establishment of its bank in Switzerland, the Bank of China would work to build a bridge for Sino-Swiss trade and investment, providing comprehensive trade finance products and commodity trade financial services to Swiss enterprises doing business with China and Chinese enterprises in Switzerland.
The bank previously opened a branch in Geneva in 2008 and intended to operate a classic wealth management model. It was unsuccessful and closed eight years ago, with the business sold to Julius Bär. The new branch’s focus, by contrast, will be on corporate clients. Bank of China employs around 300,000 people globally.