On September 29, China (Shanghai) Pilot Free Trade Zone Branch of Bank of China Limited was officially approved by China Banking Regulatory Commission, so BOC became one of the first commercial banks stationed in China (Shanghai) Pilot Free Trade Zone.
BOC President Li Lihui said, BOC will give full play to its unique international and diversified advantages accumulated over the past 100 years, and take pioneering and pilot actions in the new round of reform and innovation in China (Shanghai) Pilot Free Trade Zone to provide full support for exploring financial openness, fostering multi-level financial markets, promoting the internationalization of RMB, and supplying innovative financial products and services, and offer domestic and overseas clients more convenient integrated global financial services of higher quality.
BOC has attached great importance to financial services in China (Shanghai) Pilot Free Trade Zone. For example, with full interaction of the headquarters and branches, as well as coordination and cooperation at home and abroad, it has quickly and efficiently promoted the establishment of BOC China (Shanghai) Pilot Free Trade Zone Branch and made full preparations in organization structuring, system development, product design, business processes, marketing, risk management and control, staffing and other aspects. Up to now, the BOC China (Shanghai) Pilot Free Trade Zone Branch has finished all preparatory work and is about to operate.
After a century of development, BOC has enjoyed the most advantages in the international, diversified and market-oriented business, and has also been the only GSIFI on emerging markets. At present, BOC has 623 overseas branches across Hong Kong, Macau, Taiwan regions and 37 countries, with overseas assets accounting for more than 23%. In addition, it ranks first in RMB business scale and market share on the overseas market, and totally completes 7 trillion Yuan cross-border RMB settlement, with the market share up to 30% and far ahead of its peers. What’s more, it is the only RMB clearing bank in Hong Kong, Macau and Taiwan regions. BOC Malaysia and Luxembourg Branch is the only RMB clearing bank designated by Malaysia’s Central Bank and recognized by the local government respectively. With worldwide RMB clearing network and payment system, BOC has established a relatively sound product line for RMB deposits, loans, settlement, investment and trading, and can provide clients worldwide with a full range of RMB services. Meanwhile, its subsidiary bodies, such as BOCI, BOCI Securities, BOCIM, BOC Group Insurance, BOC Insurance, BOC Investment and BOC Aviation, have set up a broad diversified financial service platform.
BOC will take the great opportunity of the establishment of China (Shanghai) Pilot Free Trade Zone Branch, full play its unique international, diversified and market-oriented advantages, integrate the Group’s resources at home and abroad, make innovations on and explore the trade finance services, bulk commodities financing services, cross-border RMB financial services, cross-border investment and financing services in China (Shanghai) Pilot Free Trade Zone, accelerate the establishment of specialized and integrated financial service platform, constantly improve customer service levels, and boost the development of the real economy, so as to fully support the development of the China (Shanghai) Pilot Free Trade Zone with the best service.
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