Vancouver has become the Canadian home for China's fourth largest bank.
On Monday, the Agricultural Bank of China (ABC) celebrated the opening of its first Canadian office, which will be located on the 12th floor of the Marine Building at 355 Burrard Street.
It's the first time one of China's "big four" banks has launched its Canadian operations in B.C. The Bank of China opened its Canadian head office in Toronto in 1993, and the Industrial and Commercial Bank of China kept its head office in Toronto when it entered Canada in 2010 through its acquisition of the Canadian assets of the Bank of East Asia.
Ron Bozzer, chair of AdvantageBC, noted at ABC's opening ceremony that the bank's Vancouver office is a testament to the city's growing importance as the gateway to Asia.
"You've reinforced the view of Vancouver as Canada's Asia Pacific Gateway," said Bozzer. "We hope your business will continue to grow in Vancouver."
Chao Gong, ABC's senior vice-president, said the Vancouver office will reinforce the bank's ties with its Canadian financial peers and serve as a hub to boost bilateral business between China and Canada.
The Vancouver office will be headed by Hao Shi, a graduate of the University of British Columbia. On choosing Vancouver, Shi said, "The Agricultural Bank of China has a strategic role in agricultural and resource development in China, and with British Columbia's prominent, strategic location, and strong tradition in agriculture and resources development, we believe this partnership between B.C. and our bank will be fruitful and significant to both our countries."
ABC's Vancouver office is the bank's second operation in North America and part of the institution's drive to expand its international business. Since 2009, the bank has opened nine other overseas offices and branches including offices in Tokyo, New York, Frankfurt and Sydney, Australia.
