To open its financial center that will act as European hub for Chinese currency renminbi trading center, China Construction Bank has opened its branch in Zurich, Switzerland.
China Construction Bank (CCB) became the first Chinese bank to obtain a Swiss banking license in autumn of 2015. The banking license will enable China Construction Bank to operate as a trading center for the Chinese currency renminbi. Zurich will now join London, Frankfurt and Luxembourg as a European hub for offshore renminbi trading after the branch opening. The availability of renminbi will make trading with China, one of the world’s largest exporting countries, easier, faster and safer.
Office for Economy and Labour described the branch opening by China’s largest bank as a milestone for cantonal location promotion including Zurich Banking Association and its activities to promote trade relations with China.
Zurich was chosen as financial center due to its reputation and infrastructure. The Office for Economy and Labour also said that two other Chinese banks are in talks with the cantonal location promotion office regarding a possible branch in Zurich.
About China Construction Bank
Founded in 1954, China Construction Bank Corporation provides various banking and related financial services in the People’s Republic of China and operates through Corporate Banking, Personal Banking, and Treasury Business segments. Headquartered in China, China Construction Bank offers personal banking products and services, such as foreign currency deposits, all in one accounts, and RMB deposits; personal business loans, personal car loans, and personal housing loans; physical gold for personal investment and personal gold account; credit cards; foreign exchange services; certificate treasury and savings bonds, securities deposit accounts, and securities services, as well as bank-securities transfer and book-entry treasury bond over the counter services; and wealth management products. China Construction Bank employs nearly 352621 employees worldwide.