The China Europe International Business School (CEIBS) has established a non-profit organization to acquire the Lorange Institute of Business Zurich for 16.5 million francs ($16.5 million) from the institute’s 72-year-old founder Peter Lorange, the Zurichsee Zeitung has reported online.
The institute is located in the municipality of Horgen, south of Zurich and overlooking Lake Zurich.
CEIBS, which operates two campuses in Beijing and Shanghai, will begin offering courses for Chinese business managers in Horgen, with up to 200 to be trained every month, the daily said.
Among other things, the Chinese students will learn the difference between European and Chinese corporate governance.
“Chinese managers are accustomed to hierarchical business structures that do not work for us,” Philipp Boksberger, managing director of the Lorange Institute told the newspaper.
“For Asians doing business with us in Europe such things are very important.”
Conversely, the institute will be be able to train managers from Switzerland and elsewhere in Europe about conducting business in China, Boksberger said.
The school will continue to use the Lorange name, as long as its founder remains its honorary president, he said.
“This move will further enhance our concept of the ‘business school of the future’ by strengthening the international network of faculty members and business competences with an added focus on key future markets,” Lorange said in a statement issued last month.
The institute offers an EMBA degree and other management training for companies and individuals.
It is reportedly seeking to buy additional property to accommodate the expansion of training.