London office 'courageous decision'

Editor's note: Bank of China Ltd Chairman Tian Guoli on June 18 addressed a reception to mark the 85th anniversary of the bank's London branch. Following are excerpts from his speech.

Bank of China Ltd Chairman Tian Guoli

Good evening and thank you for being here tonight.

Among our guests, there are esteemed politicians and businessmen, leading figures from the local Chinese community and leaders in the world's financial markets. Your presence brings honor to Bank of China's London Branch.

I traveled with Premier Li Keqiang on his state visit to the United Kingdom. It's the first time I've experienced such intense, broad and deep communication with friends and peers in the UK. We can all celebrate the China-UK friendship.

Last night, I found it very hard to sleep. Looking from my hotel room to the Thames running quietly below, I pondered a question: Why did Bank of China make such a big decision as to set up an overseas office in London, only 17 years after its foundation on Feb 5, 1912? What motivated our fellow pioneers in those early years, who showed tremendous courage?

The decision was made during a time when China was economically backward, politically disturbed and lacking professional talent.

Yet it was exactly this decision that created a miracle. It started Bank of China on the path of internationalized operations, and it altered the bank's corporate genetics, so to speak, making it into a venture destined to expand globally.

Today, Bank of China is in an era that's completely different from where it started. The bank has total assets of 15 trillion yuan ($2.4 trillion), one of the world's largest. It has 620 overseas offices in 40 countries and regions.

From time to time, I take pleasure in thinking about the great success the bank has achieved in its international operations and the unique role it has played in helping China to evolve from an old, closed nation into one that has been increasingly integrated into the global community and how it is now driving the internationalization of the yuan. Every time I think about this, I feel respect for our fellow predecessors for their wisdom and vision.

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