Bank of China signs agreements in Hungary

China’s biggest commercial bank, the Bank of China (BoC) have concluded a number of cooperation agreements with Hungarian partners in Budapest. Bank of China's Chairman has announced the issuing of a yuan debit card in Hungary.

A strategic cooperation
agreement with the Hungarian government was signed by Minister of State for
Parliamentary Affairs in the Ministry of Foreign Affairs and Trade László Szabó
and the President and Chairman of the board of the Bank of China, Tian Guoli. Hungarian
Economy Minister Mihály Varga was of the view the agreement would help further
intensify Hungarian-Chinese economic relations.

Other agreements were signed with
the National Bank of Hungary, the Budapest Stock Exchange, the State Debt
Management Agency and Eximbank. Chairman Tian Guoli was quoted by the Hungarian
news agency MTI that BoC and China Unionpay, a financial services corporation
headquartered in Shanghai, will jointly issue a yuan debit card in Hungary. This
will be the first yuan bank card in central and eastern Europe, he stressed.
The cards will be managed in Hungarian forint and Chinese yuan and will be accepted
by more than 2,000 points of sale and hundreds of ATMs, the chairman pointed
out. The Bank of China plans to introduce the yuan bank cards in Prague, Vienna
and Belgrade as well, he added.

BoC Chairman Tian Guoli also addressed
the participants of the 4th Lamfalussy Lectures Conference in the Hungarian
capital.

The Bank of China opened a
regional headquarters in the Hungarian capital in December 2014.