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Official Opening Ceremony of Bank of China Vienna Branch

2016-03-14

On the 8th of March 2016, Bank of China Vienna Branch - full name: Bank of China (Hungary) Close Ltd. Vienna Branch - was officially opened. The president of Bank of China, Si Qing Chen, the Ambassador of the People’s Republic of China in Austria, H.E. Zhao Bin, the president of the Austrian Central Bank Dr. Ewald Nowotny attended the opening ceremony.

The Band of China Vienna Branch’s establishment is an important step to strengthen the economic cooperation between China and Austria. Austria is a leading country in research and development and high-end technology, especially in industries like mechanical and electrical engineering, automobile manufacturing, environmental protection and renewable energy. Vienna is the world-known conference center as well as the headquarters of various international organizations.

In his speech President Siqing Chen said that Bank of China will support China's "one belt one road" initiative by providing excellent financial services. The establishment of the Vienna Branch is another step to further expand cross-border services, providing comprehensive and quality services for enterprises of both countries. Bank of China hopes to act as a bridge to enhance the business cooperations between China and Austria.

H.E. Ambassador Bin Zhao pointed out that China already has become Austria's fifth largest trading partner in the world and is looking to further increase economic cooperation. Setting up a branch in Vienna will provide stronger support for bilateral cooperation and also emphasizes that the two countries' bilateral financial cooperation has reached a new stage.

The Austrian Central Bank Governor Dr. Ewald Nowotny said that the Sino-Austria economic cooperation has enjoyed a long history and the internationalization of the RMB is a strong trend. As a financial institution with more than hundred years of history and extensive experience, Bank of China serves as a bridge to actively promote trade and investment relations between the two countries.

As the only Chinese financial institution operating for more than a century, our bank is China’s most international and diversified bank with overseas institutions covering 46 countries and regions. Our bank is the only Chinese enterprise which has been selected as one of the "Global 500 firms" by 'Fortune' magazine for 27 consecutive years. In 2015, Bank of China was once again designated as one of the "Global Systemically Important Financial Institutions" ("G-SIFIs"), the only financial institution from emerging economies that has been on the list for five consecutive years.

President Siqing Chen’s Speech

Dear Guests, Ladies and Gentlemen,

Good morning!

I am very happy to be here in the capital of music to celebrate together with you the grand opening of the Bank of China Vienna Branch. First of all, on behalf of Bank of China, I would like to welcome all the guests and take this opportunity to thank all the ones that supported Bank of China along the way.

Last year in March, President Heinz Fischer visited the Bank of China's head office in Beijing and welcomed the idea of an establishment in Austria. Today, we are here to celebrate Vienna Branch’s grand opening ceremony, which is the result of great support from all kinds of people and a great opportunity for Bank of China to honor its commitments.

The establishment of the Vienna Branch is an important step to enhance economic and trade cooperation between China and Austria. China is Austria's largest trading partner in Asia and the second largest export market outside the EU. Austria is the gateway between Eastern and Western Europe and will be a bridge for Chinese enterprises entering the European market. In 2015 trade between China and Austria reached a volume of 7.5 billion USD. Austrian companies have been involved in nearly 1.200 investment projects in China. Chinese enterprises are also increasingly active in Austria. China Aviation, Huawei, ZTE and other outstanding enterprises have settled here in Austria. Vienna branch’s establishment will contribute to a deeper cooperation between the two countries and will promote an ongoing bilateral exchange in economics and trade.

The establishment of the Vienna Branch is an important step for Bank of China to improve our global network. Bank of China is China’s most international and diversified bank. Our service network covers 46 countries and regions, offering corporate banking, investment banking, direct investment, insurance, funds, leasing and other comprehensive financial services. For a long time Bank of China has looked at Europe as one of the most important overseas markets. These days we play a major role in the economic exchange between Europe and China, covering 15 countries within Europe. Based on a global clearing network, Bank of China remains the main channel to promote the cross-border RMB services. Austria is a highly developed country that is the home to headquarters of the world’s top 500 corporations and companies engaging in the CEE market. Bank of China highly regards the Austrian market. The Vienna Branch has the opportunity to further improve the global service network in order to provide customers with comprehensive and efficient financial services.

The establishment of the Vienna Branch is an important step for Bank of China to serve both Austrian and Chinese clients. Although thousands of miles away from each other, the common interests of both countries have been closely linked. At present, more than 20 cities have partnerships involving fields like infrastructure & construction, renewable energy, machinery and many more. BOC Vienna Branch will further develop the advantages of the Group's cross-border services by providing information services, customer matching, business promotion, financial support and risk prevention services for both countries’ companies to fully support the Austrian enterprises to develop the Chinese market and actively serve Chinese enterprises to invest in Austria.

Ladies and gentlemen, 2016 is the 45th anniversary of the establishment of diplomatic relations between China and Austria. The financial cooperation between China and Austria will create new historic development opportunities.

Bank of China will work with partners in China and Austria to promote economic and financial cooperation and exchanges between the two countries and contribute to the development of the two countries and enhance the well-being of both countries.

Thank you very much!

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