China's Bank of Communications launches branch in Paris
Xinhua, November 17, 2016 Adjust font size:
China's Bank of Communications launched a branch here on Tuesday as it plans to step up its support to growing Chinese investment in Europe.
Shortly after the launch of its Paris branch, the bank will set up branches in Rome and Luxembourg, Niu Ximing, the bank's chairman, said here Tuesday, adding it aimed to increase the number of its foreign branches to about 25 by 2020.
The establishment of the Bank of Communications in Paris reflects the growing dynamism of financial cooperation between China and France, said Zhai Jun, the Chinese Ambassador to France. According to the ambassador, four Chinese banks have successively established their branches in Paris since 2011.
The president of the regional council of Ile de France, Valerie Pecresse, welcomed the arrival of the bank at its official opening ceremony on Tuesday.
The Bank of Communications, China's fifth-largest listed bank by assets, posted a net profit of about 52.6 billion yuan (7.61 billion U.S. dollars) in the first nine months of this year, with an annual growth of 1.03 percent. Endit