On 8th September 2014, UK local time, the Prudential Regulation Authority and Financial Conduct Authority authorised Industrial and Commercial Bank of China Limited (ICBC), China’s largest commercial bank, to establish a branch in London. This is the first bank branch to be established in the UK by a Mainland Chinese bank since the founding of the People’s Republic of China in 1949.

The establishment of the London Branch will significantly expand ICBC’s capacity in the UK and allow major expansion of its business in the UK wholesale financial services markets, particularly to support further business and trade development between the UK and China. ICBC London Branch will provide a range of diversified financial products to its Chinese, UK and international clients in various sectors including commodities, manufacturing, commercial real estate, financial services etc. Products offered include commercial lending (syndicated loans), trade finance, clearing and cash management, etc. 

Jin Chen, the Managing Director of ICBC (London) plc and General Manager designate of ICBC London Branch said, “We are honoured to be the first Mainland Chinese bank for 65 years to have a branch authorised in the UK and look forward to furthering the development of Chinese investment in the UK and supporting the already strong economic links between our two countries.”

Notes for Editors

As China's largest commercial bank, ICBC is a leader in the Chinese domestic market, with its strong customer base, advanced information technology and a diversified product range. In recent years, ICBC’s international business strategy has been driven by the opening of overseas operations and by strategic acquisitions. ICBC already has 331 overseas entities in 40 jurisdictions and has agent bank relationships with 1,767 banks in 146 countries. Its service network covers Asia, Africa, Latin America, Europe, America, Australia and other major international financial centres around the world. In 2003, ICBC (London) plc, a wholly-owned banking subsidiary, was established and has grown steadily over the years. In the near future, ICBC will not only have a presence in the UK with its London Branch and existing Subsidiary but will also establish a financial service platform through the acquisition of a 60% stake in Standard Bank plc (subject to regulatory approval).

In recent years, the Sino-British economic and trade exchanges have continued to expand. Britain is China's third-largest trading partner in the EU, the second-largest source of investment and the main destination of Chinese overseas investments. In 2013, Sino-British bilateral trade volume reached $70 billion, which is more than triple the trade volume of 10 years ago. Chinese investment in Britain over the past two years has reached $13 billion, exceeding the combined figure for the past 30 years.