Flying in the face of the ongoing international financial meltdown, Bank of China (BOC) bucked the downward trend and saw its overseas market assets surge by 41 percent in 2008.

The bank ascribes its success to maintaining sound management principles, swift adjustments to its business development strategy, identifying development opportunities represented by the crisis and constantly securing new areas for growth.

In particular, the bank benefited its successful move into a substantial market gap left by the ailing US and European banks.

Global service

As well as being one of the country's oldest commercial banks, BOC was also the first in China's banking sector to develop an overseas presence.

It established a Hong Kong branch in 1917, and then, in 1929, opened BOC (London), the first foreign branch to be opened by a Chinese bank.

Today's BOC has a global network and a unique competitive edge. It is a firmly established brand with a track record of success and innovation of nearly 100 years.

During 2008, while other banking giants were contracting and closing branches, BOC added eight new overseas operations, marking its most successful year ever in terms of global development.

As well as expanding its international scope, BOC has looked to steering its overseas operations into a number of new product sectors.

BOC (Switzerland) Ltd, launched on Dec 1 last year, was set up to develop personal banking business in the European market. The move followed BOC's successful introduction of personal banking services into the Chinese market in 2007.

Both the move into Switzerland and the introduction of European personal banking services marked a first for Chinese financial services companies, adding to the BOC's reputation for innovation in the sector.

The initiative is part of BOC's strategy to develop its US and European business alongside its core Asia Pacific interests. This strategy forms the cornerstone of its long-term development plans and marks its commitment to expanding its global network.

Currently, the bank has branches and offices in 17 different countries which have a bilateral trade volume with China in excess of USUS$20 billion per annum. It has also identified six other countries with a similar trade volume as targets for its future expansion.

By the end of 2008, BOC had set up some 800 branches in 29 countries and regions, established formal business associations with 1,500 overseas banks and some 47,000 branches of them.

Despite its focus on developing new overseas initiatives, the banking group has also sought to further consolidate revenue from its existing markets. This includes looking to grow its presence in areas, such as London, New York, Luxemburg, Frankfurt, Paris, Singapore, Sydney, Hong Kong and Macao, where it has long been an established player.

Last year, in a bid to meet market changes and customer demand, BOC opened new branches in Hurstville and Perth (Australia), Guro (South Korea), Markham (Canada), Surabaya (Indonesia), as well as a wealth management center in Macao.