China unleashes its big plans for Sweden and the Nordic region as regional giant bank to be launched

Wednesday, 27 June 2012
The Chinese authorities seem to find Sweden the best place for them to look properly into how a modern society is built and how to design well structured businesses. This is because China is getting more and closer to Sweden and is now getting ready to open a branch of one of its most powerful financial houses in Stockholm, Sweden’s capital.

The Bank of China in the institution we are talking about which is reported to be opening its   doors of its first Scandinavian office to be located at the Birger Jarlsgatan in Stockholm. Its will be expected to carry out various banking activities but initially focus will be on business customers, said branch manager, Sissi Wang according to media report.

The signs are already up, but still, the doors are closed to the 600-square-foot facility in Hugo Boss’s old premises in Birger Jarlsgatan in Stockholm. The Bank of China’s Luxembourg branch is said to be behind the branch in Stockholm, and thus its first office in Scandinavia. Bank of China is one of China's four big state banks and its background, creation and operations could be traced back to the 1900s.
The opening was scheduled for June 1, but has been delayed. Yet there is no other confirmed date of opening, according to Sissi Wang.
"We are still preparing our work here and still working on the renovation, "she said.

The Bank of China according to the Swedish FSA, Finansinspektionen, has a number of business licenses in Sweden, one of which is the authority to conduct banking activities including selling banking services to the households.

"They have a full authorisation in terms of banking. They can start the services for households for example, permits for household deposits and loans to households, "says Göran Ahlberg, of the Swedish tax inspector at the FSA.

In documents submitted to the Companies Registration Office,  Bank of China is listed a number of different approaches to its operations, including pension savings transactions, safe deposit services, receipt of deposits, portfolio management and advisory services, lending, issuing of payment such as credit cards and fund management services.

The supervisory authority in Luxembourg notified the Swedish FSA in early November 2011 on the Bank of China intent to create a branch in Sweden, and in January of this year SCRO registered bank a licensed to conduct banking business.

FSA has been in contact with the supervisory authority in Luxembourg to seek more information about the bank’s performed there.

"I can not comment on this contact in detail, but we have made the entire right enquiry with the supervisory authority in Luxembourg, "says Göran Ahlberg.

The bank has recruited staff through the Swedish Employment Service – some 10-15 people are being sought.
By Scancomark.se Team