BANK OF CHINA TO SET UP OPERATIONS IN CALGARY

Continued focus on Chinese investment pays off for Calgary’s financial services sector

(CALGARY) -  Calgary Economic Development (CED) is excited to announce that the Bank of China, the world’s third largest bank, will be opening a branch in Calgary in 2011. This significant investment is a confirmation of CED’s continued focus on the China market to attract foreign direct investment and service the growing Chinese population in the city.

“The Bank of China has chosen Calgary as the third Canadian city to expand their operations, (after Toronto and Vancouver), and this a significant win for the city,” said Bruce Graham, president and CEO, CED. “Calgary’s ability to attract foreign investment will be key to our continued economic diversification and strength. This announcement confirms that China views Calgary as an attractive and smart place to operate a business and will position our city very well for further investment from one of the world’s most influential markets.”

“Our office has been heavily involved by providing economic data, market intelligence and local networking opportunities for the Bank over the past six months as they made their final location decision, “ continued Graham. “ This will be Calgary’s first Chinese bank and will also provide unique services to the more than 75,000 Chinese people living and working in our city.”

Since 2009, CED has placed a greater emphasis on growing the financial services sector, a goal outlined in the 10-year Economic Development Strategy. In addition to leading several strategic missions to China, CED has partnered with key industry leaders to establish the Financial Sector Advisory Committee; a committee of financial leaders who understand the industry and what it takes to be internationally competitive.

The Bank’s development office is already established at the Global Business Centre,  a facility operated by Calgary Economic Development. During this interim period the Bank will provide consulting services while it determines the branch location and prepares for its official opening.

Fast facts  

• Alberta has the third largest Chinese population in Canada
• The top-three Chinese state-owned energy companies (CNPC, SinoPec, CNOOC) have their Canadian head offices in Calgary
• China is the second largest trading partner to Alberta after the U.S.
• On June 24, 2011, Canada officially gets ADS (Approved Destination Status) from China
• The Consulate General of China has been established in Calgary for a long time to facilitate bilateral affairs