Strategy
Bank Of China Plans Geneva Return
After a troubled first entry into the Swiss city, the Asian banking giant is planning to set up store there again.
If at first you don’t succeed, try and try again. And that
appears to be the case with one of China’s big lenders as it
plans a return to Geneva.
In 2008 Bank of
China opened a private banking business in the city but a
series of mis-steps and management problems led to the operation
being wound down. In July 2012 Zurich-listed Julius Baer and BoC
entered a strategic pact whereby they mutually cross-referred
clients and banded together on marketing activities. At the time,
this was seen as an example of Swiss banks seeking new ways to
co-operate: Vontobel
inked a collaboration agreement with ANZ.
According to Tribune de Geneva, the
Beijing-headquartered banking giant intends to create an office
in the canton, following Agricultural Bank of China’s intention
to do so. The publication said the return to the city represent a
new start for the bank, and was the result of a long period of
work to court local authorities.
For some time, Chinese banks, TdG reported, have preferred to set
up shop in Zurich, so the BoC move will be a tonic for the
French-speaking canton.