Bank of China has opened two subsidiaries in Switzerland, becoming the first Chinese banking group to establish a presence in the country, the organization announced Friday.
The bank said in a press release that it has received approval from the Swiss Federal Banking Commission to open the two subsidiaries.
The Bank of China (Suisse) SA, will start operations immediately. "It will offer top quality private banking services to Chinese as well as international clients," the bank said.
The second subsidiary, BOC (SUISSE) FUND MANAGEMENT SA, will offer institutional asset management services to Chinese, Swiss and international institutions. It will also manage funds in both Chinese and global financial markets.
"The creation of truly Swiss private banking and asset management entities in Geneva marks an important milestone in the development of the BANK OF CHINA Group," the press release said.
The subsidiaries demonstrate the bank's confidence in the future of China, in Switzerland as a key international financial center and in Swiss expertise in these important fields, the press release added.