China Construction Bank has secured a license from the Swiss financial regulator Finma to offer commercial- banking services and clear renminbi transactions in Switzerland.
The state-owned lender is the first Chinese bank to obtain the license from the Swiss regulator.
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The bank, which applied for the license in April, has now received the go-ahead from the regulator to open a branch in Zurich.
Chinese banks have been expanding their global footprint aggressively in recent years, largely to facilitate the internationalisation of the Chinese currency.
In January, the Swiss central bank and the People’s Bank of China agreed to set up clearing arrangements in Switzerland for trading the renminbi and to extend a pilot scheme for Swiss banks’ clients.
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