Former president stresses importance of CCB branch for Chile

Eduardo Frey, president of Chile from 1994 to 2000, emphasized on June 21 in Santiago that the opening of a subsidiary of the China Construction Bank (CCB) together with its Renminbi (RMB) Clearing Center meant a lot for the South American country in business and investment.

(Soundbite) Eduardo Frey, Former President of Chile
“What we miss is investment and what we demand is investment, too. Chinese investment is the most important for Chile. CCB uses 200 million U.S. dollars to start its branch in Santiago. Secondly, what should be stressed is that the bank comes from China. It will be the first bank compensable in Renminbi, not only in Chile but in all Latin America.”

As Ambassador Extraordinary and Plenipotentiary of Chile for the Asia Pacific, Frey believed that the presence of CCB would allow Chile to become a financial services platform in Latin America for Chinese and Chilean companies and the rest of the region.

(Soundbite) Eduardo Frey, Former President of Chile
“I think that the arrival of this bank, the second largest in China and among the top 10 in the world, will mean a great flow of investment and development.”

Meanwhile, the former head of state did not avoid the challenges ahead for CCB.

(Soundbite) Eduardo Frey, Former President of Chile
“The big problem with Chinese companies is how they develop their businesses, often without knowing of the regulations or the entire bureaucratic system. For a bank of this nationality, that should be heeded much.”

In its initial phase of operations in Chile, the CCB branch and its clearing center will provide corporate banking services and actively promote cross-border commercial transactions in RMB, the Chinese currency.

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