In June 2002, BOCOM became the first batch of China’s four commercial banks authorized to provide offshore banking service. On 24th September 2002, the Offshore Banking Service Centre of BOCOM was established in Shanghai.
Offshore banking is a banking service provided for Non-Residents, including forex deposit, forex loan, inter-bank loan, international settlement, forex trading, forex guarantee, business advisory and other services, with a variety of forex currencies, such as USD, EUR, JPY, HKD, GBP, SGD, AUD and CAD.
Non-residents refer to overseas (including Hong Kong, Macau and Taiwan) natural persons, legal persons (including Chinese-funded enterprises registered overseas), government agencies, international organizations and other economic organizations, including the overseas branches of Chinese-funded financial institutions but not inclusive of overseas representative units or offices of China-based organizations.
Potential clients include but not limited to domestic enterprises aiming for overseas expansion, overseas companies in search of high returns for funds, corporations implementing onshore and offshore business integration as well as enterprises that engage in international trade.