53354
Chinese Banks to Deepen UK Financial Ties
Chinese Banks to Deepen UK Financial Ties

Chinese Banks to Deepen UK Financial Ties

Chinese Banks to Deepen UK Financial Ties

More Chinese banks want to set up shop in London despite the Brexit vote which has prompted foreign lenders in the capital to consider bases in continental Europe.
British and Chinese government officials met in London on Thursday to unveil a “strategic plan” to deepen financial and economic ties between the two countries, Reuters reported.
“It will support the integration of China’s financial markets into the global market through London’s financial center, exchange of expertise and increase market access,” Britain and China said in a joint statement.
It takes forward plans for closer ties between the London and Shanghai stock exchanges.
The two countries underscored a commitment by their regulators to cooperate more closely in banking, asset management, insurance, and financial technology or fintech.
“Both sides welcome the continuing interest by firms, including Agricultural Bank of China (UK), Shanghai Pudong Development Bank, and others, in submitting further applications to establish branches in the UK, once they are ready to make applications,” Britain and China said in a joint statement.
Regulators from both countries were committed to working together to ensure an “effective review” of all proposals from the banks, it added.
The announcement may help soothe jitters in the City of London financial district that foreign banks will shun Britain because it is leaving the EU.
British regulators have already authorized London branches for Bank of Communications Co, and China Merchants Bank.
The China Banking Association will also open a London office “when conditions permit”. The Shanghai Clearing House also intends to set up a London office next year, the document said.
Chinese authorities will support Aberdeen Asset Management in its application to register private fund management entities in China, and then launch private fund products after authorization.
Chinese authorities will also “positively” consider the application of Heng An Standard Life , part-owned by Standard Life, for a pensions licence in China, the document said.
A report last Tuesday said that global banks are quietly building up their investment banking teams in Frankfurt as the German deals market hots up, boosting the city’s chances of being one of the financial centers to benefit most from Britain’s vote to leave the European Union.
The trend puts Frankfurt in a good position to benefit from any shift of banking activity out of London after the Brexit vote, already bolstered by playing host to the European Central Bank and the EU’s second biggest capital market.

 

Short URL : https://goo.gl/I8pflH
  1. https://goo.gl/G7ibwo
  • https://goo.gl/aIIBQm
  • https://goo.gl/Amt68t
  • https://goo.gl/mEz60s
  • https://goo.gl/xBLo8q

You can also read ...

Shares in German and other European car manufacturers fell on Friday after Trump threatened  to impose a 20% tariff on cars imported from the bloc.
An industrial powerhouse built on massive exports and a...
Ireland Facing Agri-Food Crisis
The latest dry spell has threatened another fodder emergency...
Companies like Toyota need AI talent to develop self-driving technologies, but the competition is intense with an estimated shortfall of 700,000 engineers.
China and the US are scrambling to secure one of the world's...
Airbnb Exodus Spawns Business Boom in Japan
As Airbnb home-sharers in Japan quit the market in droves,...
Duterte Says Economy in Doldrums
Philippine economic activity is stagnating in the provinces...
Thai SMEs Can Cash In on China’s Vast Online Market
China offers great opportunities to Thai small and medium-...
Escalation of protectionist measures could trigger a fresh global economic downturn.
Policymakers can maintain the current economic upswing beyond...
The symposium emphasized the importance of capacity building and skills development as an integral component of the digital agenda.
The 2018 International Telecommunication Union’s Global ICT...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus