Strategy

Bank Of China Plans Geneva Return

Tom Burroughes Group Editor 21 May 2018

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.

 

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