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Hungarian Government Supports BOC as the Local RMB Clearing Bank


2014-02-13

On the morning of February 12, Hungarian Prime Minister Viktor Orban, who was on a state visit to China, came to BOC and exchanged views with BOC Chairman Tian Guoli over a wide range of issues of common concern, including the European economic situation, internationalization of RMB, and development of Chinese-funded banks in Hungary. Mr. Viktor Orban expressed that BOC's application for setting up a branch in Hungary had been approved, and that the Hungarian government supports BOC to be the local RMB clearing bank.

Mr. Orban pointed out that with increasingly closer trade and economic ties between China and Hungary, the Hungarian government welcomes BOC to play a more significant role in the financial markets of Central and Eastern Europe. At present, RMB has become the world's second most popular currency for trade and finance. The Hungarian government has recognized the increasingly important role of RMB in the global markets, and is willing to offer support to the development of RMB business in Central and Eastern European regions including Hungary, and is glad to have BOC as the local RMB clearing bank.

Hungary, located at the heartland connecting Western Europe with Eastern Europe, has great geographical advantages and huge growth potential, therefore it is one of major areas in which Chinese enterprises and financial institutions are expanding their global presence, said BOC Chairman Tian Guoli. By regarding Hungary as the center for its business development in Central and Eastern Europe, BOC will further exert its cross-border financial advantages, boost its capability of serving Hungarian enterprises and Chinese firms that pursue internationalized development, and facilitate trade and economic cooperation between China and Central and Eastern Europe.

In 2003, BOC founded a wholly-owned subsidiary in Hungary. As the first operation set up in the Central and Eastern European Region by a Chinese-funded bank, this subsidiary has built a good business foundation in the local market, and amassed a strong customer base by actively expanding into peripheral markets in Austria and Czech Republic, having a relatively large market influence. At present, BOC Hungarian subsidiary has kept close business ties with the Power Group and Oil & Natural Gas Company of Hungary, among other large key enterprises, and is also the lead bank having local business ties with Chinese firms "going global" in Hungary and the entire Central and Eastern European region, such as Huawei, China National Aviation Holding Company and Yantai Wanhua. Its clients come from a variety of industries including energy, telecommunications, retailing, pharmaceuticals, manufacturing and construction.

Also present at the meeting were Hungarian Foreign Minister, Martonyi Janos, Minister of Economic Development, Varga Mihaly, Secretary of State of the Office of the Prime Minister for Foreign Affairs and Foreign Economic Relations, Szijjártó Péter, Governor of Hungarian Central Bank, MatolcsyGyorgy, Hungarian Ambassador to China, Kusai Sándor, Chinese Ambassador to Hungary, Xiao Qian, and BOC officials including Chen Siqing and Yue Yi.

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