Bank of China expands into Switzerland

By: AP
By: AP

GENEVA (AP) -- Bank of China said Friday it has received regulatory approval to offer banking services in Switzerland.

The state-owned company is the first Chinese bank to expand into Switzerland, one of Europe's most important financial centers.

Bank of China said it will open two subsidiaries in Geneva, one to offer private banking and the other for institutional wealth management. They will cater to both Chinese and international customers.

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