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 Politics
In Switzerland, New Year brings ‘burka ban’ and pension hikes
Have you heard something about Swiss diplomacy that you’d like us to fact check?
Not all information circulating about Switzerland’s foreign relations is accurate or well understood. Tell us what you'd like us to fact check or clarify.
WEF: Trump to speak virtually, Zelensky to appear in person
This content was published on
US President-elect Donald Trump will attend this year's annual meeting of the World Economic Forum (WEF) in Davos via video conference. He is scheduled to speak on January 23.
Coop washes its hands of The Body Shop in Switzerland
This content was published on
The Body Shop is facing closure in Switzerland. Retailer Coop is no longer extending the franchise agreement for its cosmetics subsidiary.
Three out of ten Ukrainian refugees in Switzerland have a job
This content was published on
More and more refugees from Ukraine have a job in Switzerland. The employment rate of people with protection status S was just under 30% at the end of 2024.
Swiss private companies invest CHF18 billion in research
This content was published on
In 2023, private companies in Switzerland spent CHF18 billion ($19.7 billion) on their own research and development. This is CHF1.2 billion more than in 2021.
This content was published on
Lindt & Sprüngli grew strongly in 2024. The Swiss chocolate manufacturer is also aiming for above-average growth in the current financial year.
‘Surprisingly few’ signatures invalid for ban on animal testing
This content was published on
The initiative to ban animal testing was submitted in November with around 127,600 signatures. "Surprisingly few" signatures are not valid, the initiative's organisers have now said.
Geneva hosts Iran nuclear talks before return of Trump
This content was published on
Iran and the main European powers began two days of talks in Geneva on Iran's nuclear programme on Monday, a week ahead of Donald Trump's inauguration as US president.
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.