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ICBC Zurich Branch Opens for Business

On 21st June, Industrial and Commercial Bank of China (ICBC) Zurich Branch was officially commenced for business in Zurich, Switzerland. The opening of the Branch expands ICBC’s service network across the world’s key financial centers, and will enhance its capabilities to better facilitate Sino-European economic, trade and financial cooperation and the Belt and Road Initiative.

Present at the opening ceremony were Mr. Ueli Maurer, Vice President of the Federal Council and Head of the Federal Department of Finance of the Swiss Confederation; Mr. Thomas J. Jordan, Chairman of the Governing Board of the Swiss National Bank; Mr. Peter Zöllner, Head of Banking Department of the Bank for International Settlements; Madam Carmen Walker Späh, Vice President of the Government Council of the Canton of Zurich; Mr. Gu Shu, President of ICBC; Mr. Chen Peizhong, Counselor of the Chinese Embassy in Switzerland; and Mr. Chen Runyun, Minister Counselor of the Permanent Mission of China to the WTO. Prior to its opening, ICBC Zurich Branch obtained the banking license issued by FINMA.

Mr. Ueli Maurer, Vice President of the Federal Council and Head of the Federal Department of Finance of the Swiss Confederation, extended congratulations to ICBC for the great opening of its Zurich Branch. He said at the opening ceremony that Switzerland and China share long and close cooperation, which is of great potential for further development. The launching of ICBC Zurich Branch will further promote trade and investment between the two countries, deepen bilateral financial cooperation as well as friendship between the two peoples, and make greater contributions to the friendly relations between Switzerland and China.

Mr. Thomas J. Jordan, Chairman of the Governing Board of the Swiss National Bank, said at the ceremony that the Swiss financial industry has a long tradition, and boasts high-quality financial infrastructure, a high degree of legal certainty, economic and political stability as well as excellent and skilled talents. All these elements can be translated into excellent conditions for ICBC Zurich Branch. Meanwhile, Switzerland and China share a common spirit of innovation, and ICBC is also an innovative institution. It is believed that the presence of ICBC in Switzerland will not only become an asset for the Swiss financial center, but also contribute to the long-lasting and mutually beneficial cooperation between both countries.

Mr. Gu Shu, President of ICBC, said at the opening ceremony that ICBC has been committed to providing excellent services to facilitate Sino-Swiss economic and trade cooperation, and the Branch in Switzerland is an important part of the Bank’s internationalization. ICBC Zurich Branch will be an active participant and a provider of financial services in the Swiss financial market, and will take deep root in the local market. The Branch will work to provide convenient and efficient financial services to Swiss and Chinese enterprises, thus strengthening Sino-Swiss Innovative Strategic Partnership. The Branch will strictly conform to local laws and regulations, enhance risk management, keep internal control at a high level and strive to become a respectable foreign bank that is well recognized by regulators, clients and the public.

Mr. Chen Peizhong, Counselor of the Chinese Embassy in Switzerland said that the relationship between China and Switzerland is entering into its best time in history. Chinese financial institutions highly value the ideal investment environment of the Swiss market and the prestigious status of the Zurich financial center. The opening of ICBC Zurich Branch is another substantial fruit of the cooperation between both countries, which serves as a good starting point for a higher level of financial cooperation in the new era. While facilitating the internationalization of the renminbi, this will also enhance the competitiveness of Zurich as the world’s important financial center. ICBC is expected to seize the chance and make further contributions to the trade and financial exchanges between China and Switzerland.

ICBC is a world-leading commercial bank. With its prudent operation, solid IT foundation and sound corporate governance, ICBC has been ranked No.1 of the Top 1000 World Banks by The Banker for five consecutive years. Up to now, ICBC has more than 420 overseas institutions in 45 countries and regions all over the world, and indirectly extends its presence in 20 African countries by holding shares of the Standard Bank of South Africa. As a result, a financial service platform with a global network has taken shape, covering all international financial centers and regions with close economic and trade ties with China and featuring a layered structure, sound positioning, diversified channels and efficient operation.