Top Chinese bank chooses London

The decision has been welcomed by Trade and Investment Minister Lord Davies as “a driving force behind future growth and prosperity in both our countries”.

And Michael Charlton, Chief Executive of Think London, added: “This sends a strong signal to the world’s financial institutions that London remains the world’s leading financial and business centre with easy access into Europe.”

China Construction Bank (London) is CCB’s first wholly-owned subsidiary outside Asia, and will focus on corporate and personal banking and financial markets.

This sends a strong signal to the world’s financial institutions that London remains the world’s leading financial and business centre with easy access into Europe

Michael Charlton

Chief Executive

Think London

Driven by a global expansion strategy, it intends to capitalise on a track record of stability and success, two attributes sorely needed as the global recession takes its toll.

It has been created as a bridge between CCB’s domestic clients and their European partners, with an overarching commitment to underwrite growth by providing much-need capital and financial support.

As the second-biggest bank in the world on market capitalisation and net revenue, it has been a key factor in China’s ongoing five-year planning cycles, and has benefited hugely from China’s headlong growth over recent years.

But its historical focus on growing China`s own corporate market is now shifting to include foreign multinationals, to the point that international operations now form an integral part of its medium to long-term strategy.

The Lord Mayor of the City of London, Ian Luder, is at present leading a City financial services delegation on a 10-day visit to Beijing.

He says: “CCB’s decision to set up its subsidiary in London is a testimony that the UK and China can work together to turn the global financial crisis into a global opportunity.”

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