State-owned China Construction Bank has received a Swiss banking licence, a spokesman for Switzerland's financial regulator said on Monday. Switzerland has been seeking to attract a Chinese bank as part of the country's efforts to become a major trading hub in China's renminbi currency. Chinese state-owned banks have been expanding aggressively overseas in recent years, in part to facilitate the internationalisation of the currency.
CCB had plans to set up branches in eight countries this year, including Switzerland, a source told Reuters this year. "I can confirm that China Construction Bank has received a banking licence," said a spokesman for Berne-based regulator FINMA, adding that additional details must be resolved before the branch in Zurich can open for business. In January, the Swiss central bank and the People's Bank of China agreed to establish clearing arrangements in Switzerland for trading the renminbi and to extend a pilot scheme for clients of Swiss banks.
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