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Chinese banks eyes expansion in London

Source :China Knowledge          update : 2010-07-29

About fifteen Chinese major banks are expected to start business in the United Kingdom within near future, Shanghai Daily reported, citing sources familiar with the matter, as saying.

Pursuant to the report, the Industrial and Commercial Bank of China and China Construction Bank have already opened offices in Britain.

"Chinese banks are coming to UK for business expansion in the local capital market, and in the meanwhile help other Chinese companies in UK," said KPMG senior partner Adrian Wilcox.

China is the second-biggest investor in London after the United States. Twenty-four Chinese firms expanded business in the British capital market as of the end of the March, doubling the number a year ago.