The case

According to “Le Temps”, the Bank of China (BOC), one of the world largest banks, is returning to Geneva. BOC was already in Geneva from 2008 to 2012 as a private bank. When it returns, BOC will concentrate on corporate banking, especially on financing commodity trading, with an initial staff of 20 persons. Geneva is one of the most important locations for commodity trading.

Source: Le Temps and NZZ

The commentary

In terms of total employment in Geneva’s financial centre (35,600 employees, of which 17,400 are bank employees), BOC’s re-opening is insignificant. Nevertheless, the new branch is important for corporate banking: only recently BNP Paribas withdrew from financing oil trading in Geneva.

Note: Only BOC’s Zurich branch office is currently mentioned in the register of commerce.

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