British financial regulators growing understanding of Chinese banks and confidence in the UK as a major financial centre has led to a major Chinese bank opening a full branch in the U.K’s capital.
Bank of Communications initially entered London in 1993 with a representative office, which was then upgraded to a subsidiary in 2011.
In the United Kingdom branches have lending and financing capacities proportional to the bank's headquarters asset base, which gives them much greater capacity for growing service volumes.
Brexit and Remninbi
Despite ongoing Brexit uncertainties the bank believes there are strong business opportunities in having a full London branch. For London it is also further enhance the city as a leading Renminbi offshore center.
Five other Chinese banks in London have branches. Unlike subsidiaries,
Bank of Communications is expected to open branches in Rome and Paris before the end of 2016.
