Bank of China gets approval to open branch in Switzerland
Switzerland’s Financial Market Supervisory Authority (FINMA) has allowed one of the largest state-owned commercial banks of China to open a subsidiary in Geneva.
Bank of China announced on Monday that it had received the greenlight after completing the registration process in June.
The Chinese financial institution said it wants to “build a bridge for Sino-Swiss trade and investment and play a bridging role in promoting economic, commercial and financial exchanges.”
Re-designated as a global systemically important bank in 2018, Bank of China employs nearly 300,000 people. It has a service network in mainland China as well as in 57 countries and regions around the world.
At the end of the first quarter, the bank managed to increase its net profit by 2.7% to 53.99 billion yuan (CHF7.64 billion).
In its statement, the bank evoked the history of Sino-Swiss relations.
“Switzerland is one of the first Western countries to have established diplomatic relations with China and the first European country to have signed a free trade agreement” with Beijing.
Switzerland is China’s seventh largest trading partner in Europe. China is Switzerland’s third most important trading partner, after Germany and the United States.
In March, Bern unveiled its first ever foreign policy strategy in relation to the emerging global power. China’s human rights record is an area of concern for both the Swiss government and NGOs.
Popular Stories
More
Swiss Abroad
The citizenship obstacle course facing spouses of Swiss Abroad
This content was published on
The Ethos Foundation recommends that shareholders vote against all compensation-related items at the Annual General Meeting on March 7.
Top Swiss firms close to reaching gender quota in boards
This content was published on
The proportion of women on the boards of directors of the fifty largest listed companies in Switzerland currently stands at 28%.
Swiss committee wants to end government resignations during legislative term
This content was published on
Members of the Federal Council should no longer be able to leave office before the end of their term, according to a House of Representatives committee.
Swiss government seat: Ritter and Pfister nominated to succeed Amherd
This content was published on
Markus Ritter from St Gallen and Martin Pfister from Zug were officially nominated by the Centre Party on Friday to succeed Defence Minister Viola Amherd.
Top Swiss court rejects Russian request for administrative tax assistance
This content was published on
There is currently no reason to transmit banking information to the Russian Federation, the Swiss Federal Court has ruled.
After strike by radiologists, doctors demonstrate in Bern
This content was published on
Following a strike by radiology technicians in Fribourg, doctors, vets, dentists and chiropractors expressed their frustration on Friday outside parliament in the Swiss capital.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
How China is redefining human rights at a global level
This content was published on
As it marks its 15th anniversary the UN Human Rights Council has become a battlefield for a showdown between the interests of the West and China.
This content was published on
The Swiss government says its first ever China strategy is intended to create “greater coherence" in its relations with Beijing.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.