China Construction Bank opens Hungarian branch

THE OPENING CEREMONY OF THE HUNGARIAN BRANCH OF CHINA CONSTRUCTION BANK (CCB), THE WORLD’S SECOND-LARGEST BANK, WAS HELD IN BUDAPEST ON APRIL 20.

Tian Guoli, President of CCB, said that the strong and deep friendship between China and Hungary has a long history. He expects the financial institution to contribute to the further expansion of Chinese-Hungarian economic, financial, and trade relations.

According to Mihály Patai, Vice President of the Magyar Nemzeti Bank (Hungary’s central bank), the opening of a new branch results from the increasingly close interconnection between the Hungarian and Chinese financial systems. Bank of China already established itself in Hungary in 2014, he reminded.

Yang Chao, Chargé d’Affaires of the Chinese Embassy in Hungary, said that Hungary plays a pioneering role in China’s Belt and Road Initiative, and its unique location makes it a strategically important location.

Wang Yanyun, General Manager of CCB Hungary, Sun Jianbo, General Manager of CCB's Internationa Business Department, Yang Chao, Chargé d'Affaires, of the Embassy of China in Hungary, János Csák, Minister of Culture and Innovation,Tian Guoli, Chairman of CCB, Márton Nagy, Minister of Economic Development, Mihály Patai, Deputy Governor of MNB, Hungary's central bank, Barnabás Virág, Deputy Governor of MNB

Favourable Business Environment

In an interview with Eurasia Magazine last year, Tian Guoli said that CCB considered three aspects when considering opening a branch in Hungary. The first is that Hungary has a favourable business environment, being a hub for Eastern and Western Europe. The second is that China and Hungary have deepened cooperation in the internationalisation of the renminbi (RMB). The third aspect is that China and Hungary should capitalise on the growing momentum of digital cooperation.