China Construction Bank Opens a Branch in Hungary

China Construction Bank (CCB), the world's second largest credit institution by assets, has opened a branch in Hungary, it was announced at the opening ceremony in Budapest.

Minister of Economic Development Márton Nagy said he hoped CCB's presence would open up space for further development.

He believes that China will be a major player in the global economy for a long time to come. China accounts for more than 4% of Hungary's total foreign trade, is the country's 9th most important trading partner and the largest outside Europe. Last year, China was the 10th largest foreign investor in Hungary.

CCB President Tien Kuo-li also stressed that they expect the financial institution to contribute to the further expansion of Sino-Hungarian economic, financial and trade relations. It is planned that CCB will establish a fintech lab to develop financial technology innovations.

According to Mihály Patai, vice-president of the Hungarian National Bank, the opening of a new branch in China is a result of the increasingly close interconnection between the Hungarian and Chinese financial systems. Bank of China already established itself in Hungary in 2014.

According to the information released, CCB is one of the world's largest banks in terms of asset size, profit level, capital adequacy ratio and risk appetite. The bank was founded to finance infrastructure projects.