Bank of China sets up commodity business center in LondonStaff writer ▼ | December 22, 2014
Bank of China announced the establishment of the Commodity Business Centre in London. China has become the world's biggest buyer of commodities, many Chinese state-owned and private enterprises have become active participants in international commodity trading.
Spreading in Europe China is the biggest buyer of commodities
The bank has already set up the Singapore and Shanghai Commodity Business Centres, which initially completed the strategic layout of the commodity business in the Asia-Pacific region.
With the establishment of the London Centre as a regional specialised commodity business centre, it will complete its strategic layout in Europe and the Middle East. The BOC Commodity Centre (London) is building its product capabilities, benefiting from London's advantage of commodity trading and capital markets, legal environment and professionals.
The bank hopes to promote the integration of the commercial bank and investment bank of BOC group, and also to provide comprehensive products to commodity traders all over the world.
In the future, BOC will continue to increase the human resource and financial input, to accelerate the internationalisation process.
So far BOC London Branch has provided financial services to over 40 international commodity traders, more than half of them are members of the Forbes 500 list of the world's leading companies. ■