Dutch Wellink has a New Job in Bank of China

Mr. Nout Wellink may well know in the Netherlands financial sector, especially in Dutch banking world, now he sits in the top function in the Bank of China – acting as Independent Non-executive Director Bank of China. Dutch Chinese business relation is really going well and reaching a higher level; DCCC promotes Dutch Chinese trade relations and are pleased to see the fruitfulness of Dutch Chinese business ties.

Recently the board of directors of Bank of China Limited announced that Mr. Nout Wellink has been appointed as independent non-executive director of the Bank.  Mr. Nout Wellink has served as a member of the Executive Board of the Dutch Central Bank for almost 30 years, the last 14 years as its President. He retired from DNB on July 1, 2011. DNB is since 1999 an integral part of the European System of Central Banks, but at the same time the national prudential supervisor of banks, pension funds and insurance companies. Since the establishment of the European Monetary Union, Mr. Nout Wellink served as a member of the Governing Council of the European Central Bank.

It is said that Chinese State bank takes a Dutch driver in their banking service;  Wellink is the only non-Chinese member of the 16 board members in Bank of China. This time Wellink as an independent non-executive Director Bank of China will supervise in the administration of the Chinese bank. He will continue in that role includes focus mainly on dealing with strategy and risk policy of the banking.

The choice: Why Wellink? It has to do with his years of international experience and expertise in the field of banking regulation. In his own words: “I suspect that played a role that I’ve done a lot internationally…,” said Wellink. The entire Board of Directors meets at least six times per year. The language of the meetings is Chinese, but is translated into English.

Fascinating: The power is shifting! “It is indeed far away, but fascinating,” Wellink said. “The power is shifting, and it is fascinating to be there…” The Chinese economy is the second largest economy in the world and fast becoming the biggest to be. The Bank of China is a state bank with a stock exchange and is one of the largest commercial banks in China. With a market capitalization of $ 128 billion, the bank belongs to the top ten largest financial institutions in the world.