OREANDA-NEWS. October 02, 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.”