Shortly after the Agricultural Bank of China decided to open a branch in Geneva, the Chinese ambassador to Switzerland promised that Bank of China will do the same. Particularly interesting for the BOC there is the trade financing business.
Until now, Zurich was the first choice of Chinese banks, both, the China Construction Bank and the Industrial and Commercial Bank of China decided to open a branch in the city. In 2008, BOC already opened a private banking subsidiary in Geneva but this venture failed due to management mistakes, cultural differences and customer complaints. BOC then sold that business to the Bank Julius Baer in 2012.
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