China Construction Bank Wins License for Branch in Switzerland

(Bloomberg) -- China Construction Bank Corp. became the first Chinese bank to receive permission to offer commercial- banking services and clear renminbi transactions in Switzerland.

The Swiss financial regulator, Finma, granted the bank permission to open a branch in Zurich, a spokesman said by phone Monday. China Construction Bank applied in April to obtain the license.

China’s biggest lenders, including Industrial & Commercial Bank of China Ltd. and Construction Bank, have accelerated overseas expansions in the past three years as the country creates a global network of offshore banks to promote the renminbi as a reserve currency.

Construction Bank began operations in Paris, Amsterdam, Barcelona, Milan and Paris earlier this year, offering corporate banking services including deposits, trade finance, international settlement and syndicated loans to major Chinese firms and local companies.