In February 2003 the Bank of China opened its first branch in Eastern Europe in Budapest
with a registered capital of 2.7 billion Hungarian forints. The establishment of
the Hungarian branch fully demonstrates China’s confidence in Hungary’s economic
and financial development, and also shows that the Bank of China has decided to take
the lead amongst Chinese financial institutions in Central and Eastern Europe. As
of this day the registered capital of the BOC Hungarian branch has doubled, rising
to 5.4 billion forints, and the preparations for constructing a network of branches
are well on their way.
The BOC provides individual, corporal and consulting services. The individual service
includes opening accounts, deposits, currency exchange, remittance inland and abroad,
clean collection and loans. Company services mainly involve loans, international
trade settlement and financing.