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A new banking player enters the Romanian market. Bank of China has officially launched its operations in our country

The Palace of Parliament in Bucharest hosted on Monday, December 16, the launching ceremony on the Romanian market of Bank of China (BOC), the fourth bank in the world, according to the value of assets.

The launching ceremony was attended by over 300 guests from the diplomatic field and from the business environment. The speakers at this event were: Liu Liange, Chairman of Bank of China Limited, Teodor Melescanu, President of the Senate of Romania, Jiang Yu, Chinese Ambassador to Romania, Antonel Tanase, Secretary-General of the Government of Romania and Florin Georgescu, First Deputy Governor of the National Bank of Romania. Basil Constantinescu, Romanian Ambassador to China was also present, but he did not deliver any speech.

President Liu Liange

President Liu Liange said that, in recent years, the “One Belt One Road” Initiative and the “17 + 1” Cooperation Mechanism have represented extensive platforms for collaboration and exchanges between China and Romania, with significant potential in infrastructure, regional connectivity and other areas. With the opening of the Bucharest Branch as a new beginning, BOC will collaborate with Chinese and Romanian partners from all social categories.

“This year marks the 70th anniversary of the founding of the People’s Republic of China and 70 years of diplomatic relations between China and Romania. The Bucharest Branch is a new starting point for Bank of China. We want the two friend countries to start together, to unite their forces, to move forward together, to promote beneficial mutual cooperation to a new level, to make a new and even more important contribution to promoting economic prosperity and to strengthening bilateral cultural exchanges,” Mr. Liu Liange stressed in the speech delivered during the ceremony.

H.E. Ms. Jiang Yu, Chinese Ambassador to Romania

H.E. Ms. Jiang Yu, stressed in her speech that “the establishment of Bank of China Branch in Romania has created two new records:  not only that it marked the first establishment of a Chinese financial institution in Romania, but the Bank of China is by far the largest foreign bank established  here”. Her Excellency added: „The establishment of the Bank of China in Romania will further enrich the financing channels and will effectively break the financial deadlock of the pragmatic cooperation between the two countries, which will further contribute to promoting the growth of trade and of investments between the two parties”.

In turn, Teodor Melescanu stressed the importance of opening the Bank of China Branch in Romania for the development of Romanian-Chinese bilateral relations, especially at this anniversary moment, in which we celebrate 70 years of diplomatic relations between the two countries. He said that “Romania wants a better engagement and participation in the regional connectivity projects between Europe and China, by participating in the existing cooperation platforms, such as the European Union Strategy for Europe-Asia Connectivity or the European Union and Republic of China connectivity platform. We want them to be profitable for Romania as well. “

Antonel Tanase thanked the National Bank of Romania and Governor Mugur Isarescu for completing “this important political and technical project as well”, but also to the Bank of China’s management, showing that it will be beneficial to all parties “given the development of cooperation between China and Europe. (…) and the shortening of the distance between Europe and Asia ”.

Florin Georgescu, who  represented the National Bank of Romania at the opening ceremony,  underlined in his speech the positive effects brought by the opening of the Bank of China Branch in Bucharest on the intensification of the bilateral relations between Romania and the People’s Republic of China.

Established in 1912, the Bank of China is the only bank that has been operating continuously for more than a century, and also, the most globalized and integrated bank from China. Romania has become the 60th country in which BOC operates through a branch.

Bank of China has currently 320,000 employees in 60 countries, listed assets of $ 3 billion and a net profit of about $ 30 billion, as stated by President Liu Liange.

In 2019, The Banker magazine ranked the Bank of China on the 4th place in the “Top 1000 Greatest Banks in the World”. At the same time, the bank was designated Global Bank of Systemic Importance for the ninth year in a row. In addition, Bank of China is a global leader in cross-border services in Renminbi, with cross-border clearing and settlement amounts of this currency continuously taking the top spot worldwide.

Bank of China highly appreciates markets in Central and Eastern Europe. Bank of China (Hungary) Close Ltd., officially opened in 2003, is the first BOC commercial financial institution established in Central and Eastern Europe.

In recent years, as a response to the New Silk Road Initiative, the Bank of China has constantly refined its institutional structure, assisted in the construction of projects, issued thematic bonds and organized cross-border events, thus providing high quality and complex financial services for a large part of Chinese-funded companies and “global” strategies, as well as for industrial leaders in Central and Eastern Europe.

The Romanian branch of Bank of China will be headed by Guo Lixin.

 

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