Greece is still the world's largest shipowner in the Mediterranean despite strong competition from China and Japan, according to the United Nations Conference on Trade and Development (UNCTAD) 's report on global shipping development 2019.
Chinese capital represented by several major Chinese Banks and subsidiary leasing companies of traditional shipping banks in Europe has risen strongly in the global shipping industry. Bank of China and ICBC have been granted licenses to set up branches in Greece. Shipping is seen as a key driver behind the Chinese Banks' decision to set up branches in Athens.
Shipping should be the main reason why the two Banks set up branches in Greece. Setting up a branch in the local area will help these Chinese capitals to have better access to the market and expand its market share.
Source:Sarah Yu,XINDE MARINE NEWS
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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