The Agricultural Bank of China (ABC), China’s fourth largest bank is opening its first Canadian office in Vancouver, further strengthening the city’s connections with the Pacific rim.
As China expands its international presence look for Vancouver to be on the radar for future branch offices.
ABC has overseas offices in Tokyo, Sydney, Frankfurt and New York.
Via The Vancouver Sun:
ABC is a state-controlled, full-service bank with headquarters in Beijing. It is listed on the Shanghai and Hong Kong stock exchanges. The bank is ranked No. 127 in the Fortune Global 500 and is ranked No. 7 in The Banker’s Top 1000 World Banks list. By way of comparison, ABC’s net earnings in 2011 were $19.5 billion, three times the 2011 net earnings of $6.7 billion at Canada’s largest bank the Royal Bank of Canada.
No word yet on where the office will be located or how many people will be employed.