The Swiss Face of China Construction Bank Moves On

The Swiss Face of China Construction Bank Moves On: The operational head and CFO of China Construction Bank's Swiss branch has left. The Swiss industry veteran was a co-architect of the Chinese institution's arrival on the local… ccb holgerdemuth

Chief operating officer Holger Demuth departed the Swiss branch of the Chinese state-owned China Construction Bank at the end of last year, the bank confirmed to finews.com on Monday. The Zurich-based financial blog «Inside Paradeplatz» was the first to report on the personnel matter. Demuth also served as the chief financial officer .The search for a successor to take over Demuth's duties has been underway since the beginning of the year and is well advanced, CCB said.

Demuth was the «Swiss face» and co-architect of the local branch along with country head David Gong heading a team of several dozen employees, including Swiss of Chinese origin.CCB was granted a Swiss banking license in 2015, becoming a trailblazer in recent years for other Chinese banks in Switzerland, including ICBC and the Bank of China.

The bank's arrival fulfilled a precondition for a Swiss renminbi hub, which supports trading in the Chinese currency from Switzerland. The move paid off for CCB. As a licensed center for renminbi trading, it focuses on the approximately 300 largest Swiss companies that maintain business relations with China.«We are almost overrun by demand,» Demuth told finews.com a few years ago. Since then, things have been quieter around the hub, CCB, and Chinese banks in Switzerland in general.

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finews_ch /  🏆 25. in CH

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