Bank of China opens regional center in Budapest

The Bank of China has opened its new Central and Eastern European regional center in Budapest. The bank has had a branch office in Budapest since 2003, serving small and medium size enterprises (SME) sector as well as private individuals.

At the opening ceremony, the Hungarian Foreign Affairs and Trade Minister Péter Szijjártó said that cooperation with China is in the interests of Europe, which makes the choice of the Chinese bank to pick Budapest for their regional branch a great success for Hungary. He added that Europe has lost some of its competitiveness, and to regain it, closer cooperation must be built with the fastest growing regions, and especially with China.

According to the minister, the Hungarian government supports the efforts of Beijing to enhance the use of the Chinese currency, the yuan in international trade. Hungarian exports to China have grown 11 times in the last 10 years, and Chinese investments in Hungary are now above USD 3.5 billion. He also stated that many Chinese investments represent the latest technology and have high added value.

Bank of China vice president Li Zaohang said one of the reasons the bank picked Budapest for their regional headquarters was because of the way the Hungarian and Chinese economies complement each other. The bank has had a branch office in Budapest since 2003, serving small and medium size enterprises (SME) sector as well as private individuals.

Bank of China Limited is one of the five biggest state-owned commercial banks in the People's Republic of China. It was founded in 1912 by the Republican government to replace the Imperial Bank of China. It is the oldest bank in mainland China still in existence.