Bank of China to set up shop in Brussels

If the Banking, Finance and Insurance Commission (CBFA) approves, the Bank of China is set to be the first Chinese bank with offices in Brussels. The Bank of China is the third-largest bank in China and hopes to serve Chinese companies that are established in Belgium. One of these companies is Huawei, which manufacturers telecommunications equipment for companies like Vodafone, Telefonica, KPN and Belgacom, and whose Belgian office has a staff of 50. At the end of last year Huawei announced that it intended to open a research centre in Louvain-la-Neuve. The Industrial and Construction Bank of China (ICBC) is said to also be planning a branch in Brussels, and has already sent two of its staff members to Belgium on an exploration mission.

Source: De Tijd /