Bank of China (BoC) has taken its first step into overseas private banking by opening a private bank and institutional asset management arm in Switzerland, AFP reported. Kenneth Ge, chairman of Bank of China (Suisse), said the Switzerland operation was just the start of the bank’s overseas expansion efforts. No specific business targets were given, but CEO Jacques Mechelany said the bank was hoping to attract wealthy Chinese who may be looking to move their assets offshore. Under Chinese law, residents can move no more than US$50,000 out of the country each year, although the regulation could in future be revised. Mechelany noted that, although many investors have lost money in the financial crisis and may be reluctant to move their assets, others are keen to change banks for the same reason.
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