Chinese BOC bank opens branch in Chicago

CHICAGO -?The Bank of China (BOC) opened a new branch to business in downtown Chicago on Friday, the fourth in the United States.

The BOC Chicago branch will offer such services as working capital loans, supply chain financing, trade financing, trade settlement, commercial property mortgage, cash control, foreign exchange, and forex derivatives to enterprises in 17 US states around Illinois.

By opening the branch, BOC has aimed at the big commodity market in the region, BOC Vice President Yue Yi said at the opening ceremony. He did not rule out the possibility of engaging in cross-border RMB business in the future.

BOC entered the United States in 1981 and has so far opened three branches. With the Chicago branch, BOC has extended its business to the Midwest, thus building up a business network covering both US East and West markets.

The establishment of the branch was approved by the US Office of the Comptroller of the Currency (OCC) in May 2012, and obtained the business license on December 27, 2012.

Yue said BOC's operation strategy is to serve Chinese enterprises going abroad as well as multinational companies investing in China.

BOC has so far opened branches in 36 countries and regions, and established agency cooperation relationship with more than 1,600 foreign banks in 180 countries and regions.