On September 29, China (Shanghai) Pilot Free Trade Zone Branch of Bank of China Limited started business on the day of getting approval and became the first batch of banks that open to the public in China (Shanghai) Pilot Free Trade Zone.
The branch is located in No. 355, West Fute 1st Road, Waigaoqiao FTZ Area, Shanghai. Covering an area of nearly 1500m2 and with 60 staff, the branch was renamed and upgraded from BOC Shanghai Branch Waigaoqiao FTZ Sub-branch, which is the secondary branch subordinated to BOC Shanghai Branch.
Up to now, with three branches in China (Shanghai) Pilot Free Trade Zone including China (Shanghai) Pilot Free Trade Zone Branch, Waigaoqiao FTZ Sub-branch, and Shenshuigang Sub-branch, Bank of China is one of the commercial banks with most branches in China (Shanghai) Pilot Free Trade Zone and becomes the first choice for trial implementation of key financial, taxation, and foreign investment policies in the free trade zone.
Closely focusing on domestic and foreign customers’ demands on trade finance, cross-border RMB, bulk commodity financing, global supply chain finance, and cross-border investment and financing, BOC China (Shanghai) Pilot Free Trade Zone Branch will offer excellent and convenient globally-integrated financial service and provide comprehensive support for exploration to financial development, cultivation of multilevel financial market, promotion of RMB internationalization, and innovation of financial products and services.
At present, BOC China (Shanghai) Pilot Free Trade Zone Branch provides the following services to domestic and foreign customers: services with characteristics of free trade zone including trade settlement, financing, guarantee and consultancy, hedging and financial management service based on foreign exchange forwards and swap, global supply chain financial service based on structured products; making comprehensive use of cross-border RMB settlement, financing, cross-border RMB interest rate and exchange rate derivatives, investment and financial products, asset securitization products, and cash management products to provide all-around cross-border RMB solution; working out crude oil futures financial service plan priced by RMB for free trade zone international bulk commodity trade and resource allocation platform building, further improving comprehensive services including goods guarantee financing, overseas standard warehouse receipt financing business, financing and hedging business; financing services including domestic and foreign currency M&A, consortium loan and structured financing, and comprehensive cross-border financing services including bond financing, finance lease, and export buyer's credit.
Li Lihui, President of Bank of China, expressed that the establishment of China (Shanghai) Pilot Free Trade Zone was a key strategic measure for China to deepen the reform and opening-up in new historical stage. 100 years ago, Bank of China was founded in Shanghai. After a century, it has developed into a large international, diversified and market-oriented commercial bank and the only GSIFI from emerging markets. 100 years later, Bank of China is proud of taking the initiative to participate in the development of China (Shanghai) Pilot Free Trade Zone and aware of the great responsibility of this task. By taking the great opportunity of serving China (Shanghai) Pilot Free Trade Zone, Bank of China would further show its unique advantages accumulated over 100 years and integrate domestic and overseas resources of the group to build a first-class, integrated global financial service platform, constantly promoting its customer service level to be the best bank.
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