The Industrial and Commercial Bank of China (ICBC) is opening a branch in Zurich, reported newspaper “Handelszeitung”.
The Swiss Financial Market Supervisory Authority (Finma) granted the institute a Swiss banking license, confirmed Finma spokesperson Vinzenz Mathys in the article.
Employing more than 450,000 people, the ICBC is the world’s biggest and most valuable bank. Its Swiss branch will be headed by Chinese Peichen Chen, former vice president of the bank’s operational activities in Pakistan.
According to the article, the ICBC has close ties with the Swiss financial sector. Ten years ago, Credit Suisse was responsible for the Chinese big bank’s flotation. The two banks also have a joint venture in China with Credit Suisse Founder Securities Limited (CSFS).
The ICBC follows the China Construction Bank (CCB) as the second Chinese financial institute to settle in the Greater Zurich Area. The CCB opened a branch in the city on the Limmat in October 2015. It currently employs around 33 people in Zurich.