Saturday, November 29, 2008

BOC to open Swiss private-banking unit

The Bank of China Ltd, the nation's fourth-largest by assets, said it will open a private-banking unit in Switzerland.

Bank of China (Suisse) SA will start immediately after getting approval from the Swiss Federal Banking Commission this week, the Beijing-based bank said in an e-mailed statement yesterday. The Chinese lender also said it's renaming the Swiss asset management unit -- Heritage Fund Management SA will now be BOC (Suisse) Fund Management SA.

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