Bank of China opens in Ireland

Bank of China has opened its first branch in Ireland.

Photo shows a sub-branch of Bank of China. [Photo: VCG]

The branch will focus on serving both Chinese businesses with an interest in Ireland, and vice versa.

Although the Bank is new to Ireland, it already has some business in the country thanks to its aircraft leasing business, which has a base in the country.

The opening comes despite uncertainties over Brexit. The branch is technically connected to the Bank of China's UK operation, and the process of Great Britain leaving the European Union is likely to have an impact on British registered banks operating abroad.

More likely, it reflects the growth of business and cultural ties between China and Ireland, on which we have reported regularly over the last few months.

For example, in March we revealed that Irish beef is set to be promoted in China thanks to a multi-million pound investment from the European Union and the Irish Food Board.

Bord Bia - as the Irish Food Board is officially known - recognised that the growing demand for quality meat amongst Chinese consumers made the country an excellent market for potential growth.

Then, in June, we reported that there could shortly be a direct flight between China and Ireland - and one of the key driving forces behind the route is apparently Ireland's many famous film sights.