China's AgBank Opens London Branch Ahead of Brexit
Dou Shicong
DATE:  Jun 27 2018
/ SOURCE:  Yicai
China's AgBank Opens London Branch Ahead of Brexit China's AgBank Opens London Branch Ahead of Brexit

(Yicai Global) June 27 -- Agricultural Bank of China has opened a branch in the UK capital, becoming the seventh Chinese commercial lender to open shop in London, just nine months before the country is scheduled to exit the European Union.

The Beijing-based state bank, one China's four largest commercial lenders, will provide wholesale financial services, including yuan-denominated products and funding support for cross-border trade and investment activities at the branch located close to the Bank of England's headquarters.

China and the UK have maintained strong growth momentum in various fields for a long time, Chairman Zhou Mubing said at a ceremony to mark the opening, state-backed Economic Information Daily reported. The new branch will provide comprehensive financial services to customers and serve capital markets in both countries, he added.

Financial ties between China and the UK have deepened in recent years. London has become an important offshore forex trading center for the Chinese yuan, and both countries aim to see the London-Shanghai Stock Connect start later this year. Meanwhile, the UK's finance minister is in Beijing this week for important economic and trade talks with senior Chinese officials ahead of Britain's departure from the EU at the end of next March.

AgBank set up a UK unit in 2011 as part of efforts to lay the groundwork for a local branch. It received approval from the UK Prudential Regulation Authority and the Financial Conduct Authority last November to set up the outlet. 

The bank has set up some 22 overseas units covering 17 countries and regions such as Singapore, Japan, the US and South Korea. Its latest branch has opened nine months before the UK is scheduled to exit the European Union.

ABC ranked sixth among the world's top 1,000 banks in terms of tier-one capital last year, according to an annual list compiled by authoritative UK financial magazine The Banker.

Editor: William Clegg

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Keywords:   Agricultural Bank of China,London,Britain