Bank of China opens Dublin branch

A Memorandum of Understanding was also signed between Ireland and China

Bank of China opens Dublin branch

Taoiseach Leo Varadkar (second left) with (l to r) General Manager of Bank of China Dublin Branch Tian Jun, Bank of China Chairman Tian Guoli and China’s Ambassador to Ireland Dr Yue Xiaoyong | Image supplied to Newstalk.com

The Bank of China has opened of a branch in the Irish capital.

It is part of the bank's international strategy that has seen it establish branches or subsidiaries in 16 countries.

The Government say it is a sign "of the growing importance" of economic relations between Ireland and China.

The branch was officially opened at a ceremony attended Taoiseach Leo Varadkar, Tánaiste Frances Fitzgerald and Bank of China chairman Tian Guoli.

A Memorandum of Understanding was also signed between Ireland and China for cooperation promoting trade and investment.

Bank of China’s Dublin branch will be focused on corporate lending, with plans to build a products and services platform in Ireland within two years.

Target clients will be Chinese companies operating in Ireland, Irish companies with interests in China, and multinationals with large offices here.

Bank of China chair Tian Guoli said: "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 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...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."

Information on job numbers was not available at time of publication.

Bank of China is the world’s fourth largest bank by capital, and is the most internationalised of China's banks with more than 574 branches, offices and outlets in 51 countries and regions.

The bank already has a presence in Ireland through its aircraft leasing operation, BOC Aviation (Ireland) Ltd, which will continue to operate as a separate business unit.