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First Chinese bank comes to Switzerland

The Bank of China said Friday it has received regulatory approval to offer banking services in Switzerland.

The state-owned company is the first Chinese bank to expand into Switzerland, one of Europe's most important financial centres.

The Bank of China said it would open two subsidiaries in Geneva, one to offer private banking and the other for institutional wealth management. They will cater to both Chinese and international customers.

The bank received a licence earlier this week from the Swiss Federal Banking Commission.