ABC Opens Representative Office in Frankfurt

Beijing-located joint-stock commercial lender Agricultural Bank of China (ABC) lately opened a representative office in Frankfurt, with a strong support of the local government.

Presently, there are more than ten German-funded banks as well as 250 branches and 40 representative offices of foreign-funded lenders in the city, where the European Central Bank is based.

In order to satisfy the customers' increasing global operation demand, China's Big Five commercial banks, including ABC, are actively accelerating the overseas layout, and all of them have set foot in Frankfurt.

Actually, this establishment is in accordance with ABC's urgent demand for business expansion. The bank completed an international settlement of USD 9.7 billion around Germany in the entire 2008, accounting for 8.5% of total trade value between China and Germany, and the value involved its foreign exchange trade with the local agent bank exceeded USD 110 billion.

ABC has built two overseas branches in Hong Kong and Singapore, and its three representative offices in Tokyo, New York, and London will be upgraded to profitable branches. And it is preparing for the Sydney and Seoul representative offices.

Source: www.hexun.com (November 20, 2009)

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