On 31th August 2016, Zürcher Kantonalbank (ZKB) signed the RMB Clearing Service Agreement with China Construction Bank Zurich Branch (CCBZB) and officially became RMB-clearing participating bank for CCBZB. General Manager of CCBZB, Mr. Weiyun Gong, and Head of Financial Institutions International of ZBK, Mr. Daniel Schär, signed the agreement; members of responsible departments also attended the event.

ZKB was founded in 1870, it is the biggest bank among Swiss cantonal banks and the 3rd biggest bank in Switzerland. ZKB is owned by Canton Zurich and is currently the only bank with a credit rating of AAA in Switzerland; its business is stable and its management well established. ZBK’s business focuses on Switzerland, and includes traditional retail and corporate banking, interbank business, treasury business, trade finance and private banking. Besides local business, ZKB also has representative offices in Austria, UK, China, India, Singapore and Brazil; its overseas business mainly includes trade finance and treasury. ZKB has a representative office in Beijing which also maintains business relationship with CCB head office.

Winning ZKB as RMB clearing participating bank is one breakthrough for CCBZB’s local RMB business, as ZKB possesses a very solid customer base. Cooperation in RMB area between both banks will greatly advance the construction of RMB clearing hub in Switzerland, promote the use of RMB in Sino-Swiss trade, and contribute to the internationalization of RMB. Both banks plan to broaden their cooperation scope, and wish to discuss future development opportunities.