Chinese banks going global turn to Ireland for assistance

Industrial Development Agency Ireland opens third mainland office.

IDA Ireland, Ireland's inward investment promotion agency, opened a new office in Beijing to assist Chinese financial institutions in going overseas and support Chinese enterprises' international business. It is its third in China after offices in Shanghai and Shenzhen.

The new office highlights the fresh focus of IDA Ireland on providing international financial services for China's enterprises. A research report released by China Construction Bank in May indicates that Chinese enterprises are increasingly in need of international financial services as they boost overseas investments.

Richard Bruton, minister for Jobs, Enterprise and Innovation said Ireland hopes to aid Chinese financial enterprises start their overseas business on a high-quality platform with Ireland’s expertise in financial services, investment opportunities and innovative technologies.

Insufficient knowledge of overseas markets and talent shortages hamper Chinese financial enterprises' overseas expansion.

Industrial and Commercial Bank of China, China’s largest bank, set up a financial leasing branch in Ireland in 2010 to take advantage of the country's financial expertise while expanding its business in the European market.