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China Construction Bank Opens Branch in Hungary

Banking

Image by Volodymyr Plysiuk / Shutterstock.com

China Construction Bank (CCB), the world's second-biggest bank by assets, opened a branch in Hungary on Wednesday, according to a report by state news wire MTI.

CCB executives celebrated the opening with central government and central bank officials at the Vigadó in the capital.

CCB chairman Guoli Tian acknowledged China and Hungary's "solid and deep" friendship and said the lender could contribute to a further expansion of Chinese-Hungarian economic, financial, and trade ties. He also announced plans to set up a fintech laboratory to promote financial technology innovations.

Economic Development Minister Márton Nagy said the branch would help Hungarian companies gain a foothold on Chinese markets and support Chinese investments in Hungary. He added that Chinese-Hungarian ties are founded on peace and mutual respect.

Around 18,000 Chinese nationals live in Hungary, and their number has grown over the past decade, which is a sign of strengthening confidence, Nagy said.

National Bank of Hungary (MNB) deputy governor Mihály Patai said the CCB branch is the product of closer ties between the Hungarian and Chinese financial systems. He noted that the Bank of China opened a branch in Hungary in 2014.

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