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VARGA MEETS ICBC EXEC IN BUDAPEST

 

Finance Minister Mihály Varga has met the chief executive of Industrial and Commercial Bank of China (ICBC), Gu Shu, in Budapest, the finance ministry said. The sides discussed the ICBC’s role in smoothing transactions between Hungary and China as well as weighing the possibility of opening an ICBC office in Hungary to support investments undertaken in the framework of the Belt and Road initiative. They also agreed that ICBC’s presence in Hungary would further boost the country’s role as a regional financial centre.
Varga said financial ties between Hungary and China were developing at an accelerated pace, noting the country’s cooperation with Bank of China, its accession to the Asian Infrastructure Investment Bank (AIIB), the opening of an office of Hungary’s OTP Bank in Beijing, advanced talks on Chinese financing for an upgrade of the Budapest-Belgrade rail line, and the active participation of Hungary in various financial funds.