Finland’s Pohjola does European-first branch deal with Bank of China
Pohjola Bank is the first European bank to sign a deal with Bank of China that will enable it to operate a desk within a European bank branch office.
The Finnish and Chinese banking groups have been co-operating since 2008, when they first entered a partnership. The new deal means that Finnish companies looking to do business in China will be able to obtain local support from Pohjola, while Bank of China will be able to support Chinese companies doing business in Finland. The reciprocal agreement will see Bank of China operate out of a Pohjola branch office in Helsinki.
“This is the first China Desk agreement that Bank of China has concluded with a European bank. Thanks to more intense co-operation, we will have an excellent opportunity to improve Pohjola’s international service capabilities in accordance with our strategy. Chinese banking services and local expertise will be closer to our customers,” said Tarja Pitkänen, senior vice president in charge of Pohjola Bank’s international services.
In addition to mutual customer referrals, the banks have agreed on cooperation in trade finance and international payment services.
Bank of China the second largest bank in China, and 11th largest globally as measured by its Tier 1 ratio. It has a total of 11,000 branch offices.
Pohjola is part of OP-Pohjola Group in Finland with over four million customers.