Bank of China opens Dublin branch
Bank of China has announced the opening of its Dublin branch, in a sign of the growing importance of economic relations between Ireland and China. The Bank of China’s internationalisation strategy has seen it establish branches or subsidiaries in 16 countries within Europe.
The branch was officially opened at a ceremony held in Dublin, which was attended by the Taoiseach, Leo Varadkar, the Tanaiste and Minister for Enterprise and Innovation, Frances Fitzgerald, Bank of China Chairman, Tian Guoli, and China’s Ambassador to Ireland H.E. Dr. Yue Xiaoyong.
Chairman Tian Guoli and the Taoiseach witnessed the signing of a Memorandum of Understanding Regarding Strategic Cooperation for Promoting Trade and Investment between China and Ireland, signed by Martin Shanahan, the IDA Chief Executive, and Tian Jun, the General Manager of Bank of China Dublin Branch.
Bank of China’s Dublin branch will be focused on corporate lending, with plans to build a diversified products and services platform in Ireland within two years, and the target clients will be the Chinese companies operating in Ireland, Irish companies with interests in China, and multinationals with large offices in Ireland.
Commenting on the announcement, Tian Guoli, Chairman of Bank of China Limited, said: “China’s ‘One Belt, One Road’ initiative has unveiled a new round of globalization and we see Ireland as a perfect fit with this great endeavour. As the most active Chinese bank in the international markets, the opening of our Dublin Branch will support the vision and determination of the Irish people. I believe that a constant exchange of ideas and sharing of wisdom provides the best solution to the uncertainty of the world today.”
Taoiseach Leo Varadkar TD said: “I am delighted to welcome Bank of China to Dublin. This investment is the type of high quality international investment we are seeking to attract in Ireland under our IFS2020 Strategy. It is a strong endorsement of Ireland’s outward focus and of our commitment to embrace new business opportunities. Ireland and China enjoy a long and fruitful relationship and Bank of China’s investment is yet another sign of the very significant growth of economic links between Ireland and China in recent years.”
The Tanaiste and Minister for Enterprise and Innovation, Frances Fitzgerald TD warmly welcomed the decision and said: “Ireland is now a major player and a very attractive location for international Financial Services companies from all over the world. We have the skills and structures to support new projects and to welcome new investors. I am particularly pleased that the Bank of China has decided to locate here, as China is now a global powerhouse in international Financial Services. Bank of China’s decision to open a branch here is an important landmark and I look forward to an ongoing mutually beneficial business relationship with Ireland”
Speaking at the opening ceremony IDA Ireland CEO, Martin Shanahan, said: “Today’s announcement speaks volumes about the strength of the relationship between Ireland and China. Chinese companies are now looking to internationalise their businesses and are viewing Ireland as the ‘gateway to Europe’ with a proven track record of being consistent, transparent and competitive. Ireland is now home to three of the top four Chinese banks, all of which have set up international leasing centres here. Attracting investment from Asia is a crucial part of IDA’s global strategy and today’s announcement is a welcome endorsement of its success.”