Bank of China to open new branch in Brussels

Bank of China, the largest foreign currency business bank in China, recently announced the official opening of a new branch in Flanders’ capital in early December 2010.She Bing, general manager of the branch, said the bank will mainly offer financial services for enterprises dealing with bilateral trade and investment, representative offices of Chinese organizations, and Chinese citizens abroad. "I am confident in our expansion in Europe, and we expect to turn a profit this year," She Bing said. The bank provides services for corporate clients that increasingly use renminbi (RMB) settlements. Bernard Dewit, chairman of the Belgian-Chinese Chamber of Commerce (BCECC), said "This shows that leading Chinese banks want to play a part in this new challenge by following their Chinese clients to Europe." He added that the opening of the Brussels branch will not only provide an extra on-site source of advice and guidance to Chinese companies in Belgium but will also encourage other prospective Chinese investors and lower investment barriers in the country. The new  Belgian branch is part of Bank of China (Luxembourg) SA, the bank's first overseas operation, which has about 50 staff. The Brussels branch currently has seven employees, two of which are Chinese. (source: www.ipaworld.com and www.chinadaily.com) More info: Bank of China - http://www.boc.cn/en/index.html