Bank of China to expand operations into eastern Europe

The Bank of China (BOC) will develop its Hungary branches as a bridgehead in the central and eastern Europe, and expand its presence into the region when time is ripe, BOC Vice President Yue Yi has said. Yue made the remarks at the opening ceremony of a second BOC branch in the capital of Budapest on Monday. Speaking of the first BOC branch in Hungary opened nine years ago, Yue said the institution has remained committed to promoting trade ties between the two countries and supporting local economy, whose efforts have won the backing and recognition of all the communities in Hungary. The opening of a second branch in Budapest pointed to a new step of the BOC to expand its operations in Hungary, Yue said, adding that the move also showed the BOC's strong confidence in Hungary's economy. The vice president said the branches would continue to provide inclusive, quality and efficient financial services to local businesses, banks and individual clients. Meanwhile, the branches would play a more active role in promoting economic ties and financial cooperation between China and Hungary as well as the whole central and eastern Europe, Yue added. Citing the BOC's impressive network with 586 branches in 32 countries and regions, Yue said the leading financial institution also featured diversified portfolios and services. The BOC opened its first branch in Budapest on Feb. 10, 2003. As the first strategic BOC branch in the central and eastern Europe, the institution delivered a strong performance with the total asset exceeding 60 billion Forint (272.17 million U.S. dollars) and post-tax profits reaching more than 1.2 billion Forint (5.44 million dollars) by the end of 2011. Established in 1912, the BOC is the second largest lender in China and the seventh largest listed bank in the world by market capitalization.