Bank of China Expedites its Development in Canada
Updated: 2013-09-06 12:10
By Li Na in Toronto (China Daily)
Frank Scarpitti, mayor of the city of Markham, and Wang Lijun, president of Bank of China (Canada), launch the service centre for VIP customers in Markham, Ontario in June. Provided to China Daily
Stability makes for a favorable place to do business, but it's a double-edged sword
The first Chinese bank established in Canada, Bank of China-Canada (BOCC) will mark its 20-year anniversary in Canada this year.
"The last 20 years has been full of twists and turns," said Wang Lijun, president and CEO of BOCC.
Although BOCC ranked in the rear position among BOC's 36 overseas branches, it has grown.
"The development has speeded up remarkably since 2009," Wang said. "Our strategy has been: 'grasp opportunities, expand networks, enrich products and expedite development'."
BOCC opened its first branch in Toronto's Chinatown in 1994, followed by the Vancouver branch in 1995, the third branch in Scarborough in 2005 and Markham in 2008. The number of branches has increased from four to ten since 2009.
In line with its development strategy, BOCC established branches in North York in 2010, Calgary, Richmond and Mississauga in 2011, Burnaby in 2012 and Montral in 2013.
The current structures of BOCC's financial products are targeted to new Chinese immigrants, Chinese enterprises in Canada and Canadian enterprises that plan to invest in China.
"Being a country of low population, abundant resources, stable politics and a sound legal system, Canada has a sustainable economy, which is the foundation of stable financial system," Wang said.
However, stability can be a double-edged sword, he explained, because it comes at the cost of strict regulation, which can be a challenge to a bank.