During his current journey across Asia, Swiss Finance Minister Ueli Maurer, together with representatives of the Swiss Bankers Association, has held initial talks with another Chinese bank, that examines a market entry in Switzerland, finews.asia can reveal.
The China Construction Bank (CCB) has already been granted with a license from Switzerland’s regulator Finma, as finews.asia reported earlier.
In January the Industrial and Commercial Bank of China (ICBC) filed for a similar licence. Assuming that the institute meets the requirements, the bank should receive the appropriate «go» in the middle of this year, as Joerg Gasser, State Secretary for International Financial Matters, said to finewsa.asia on Monday.
Swiss Renminbi Hub
As a result, two banks from the Middle Kingdom will soon further develop the so-called renminbi hub in Switzerland which will facilitate business and financial transactions with the Chinese currency for Swiss companies.
On the occasion of his eight-day trip to Asia (Beijing, Shanghai, Singapore and Hong Kong), Federal Council and Swiss Finance Minister Ueli Maurer (pictured above) also held talks with the Shanghai Pudong Development Bank (SPD), which is now also examining a market entry in Switzerland.
Former Head Office of HSBC
The Shanghai-based universal and partly privately owned bank was founded in 1993 and is mainly active in the development of the Pudong area (Shanghai district). The financial group is listed on the stock exchange in China (SSE 50) and employs a total of 31,000 people at 30 locations.
The company is headquartered in an imposing, historic building on Shanghai’s Bund (pictured on top), which used to be the Head Office of British-Chinese bank HSBC.
High-Ranking Delegation
For the first time, representatives of the Swiss Bankers Association, headed by President Herbert J. Scheidt, and a high-ranking delegation from Berne, led by Federal Councillor Ueli Maurer, are visiting some of the most important financial centers in Asia. The aim of this mission is to promote Switzerland as a modern and reliable financial hub for Asian companies, including start-ups.
Federal Councillor Maurer emphasized that the interest in Switzerland from Asia is enormous, as he could experience from his meetings with politicians, supervisory authorities, stock exchanges and bank representatives.
Excellent Opportunities for Smaller Countries
Against the backdrop of an increasingly fragile world dominated by protectionist claims, economically liberal small countries such as Switzerland or Singapore have excellent opportunities. Both countries are examining possibilities for increased cooperation in the financial sector.
More to follow.
