China Construction Bank expands prescence in London

01-Jun-2009

China Construction Bank (CCB), the second largest bank in the world by market capitalisation, will be officially launching their London subsidiary today. Headquartered in Beijing, CCB is the second largest bank in the world by market capitalisation and net revenue and is ranked 23rd in Forbes Global 2000 on 9th April 2009. The Bank has benefited from China’s strong economic momentum and the robust growth and development of its clients.

CCB operates in three business segments: corporate banking, personal banking and financial market businesses. CCB international operations form an integral element of its strategy. Since the bank opened its door to the world 2 decades ago, CCB has steadily built up its global network, which currently has branches across mainland China, Hong Kong, Asia, Europe and Africa. London is a fundamental component of this network. China Construction Bank (London) Limited, (CCBL), the first wholly-owned subsidiary of CCB outside Asia, will empower its global expansion strategy which focuses on core markets building upon its track record of stability and success, its operations will include corporate banking, merchant banking and global market activities. CCBL will connect CCB clients and their European partners with value-added services and significies its long term commitment to supporting its clients not just in China, but throughout the rest of the world.

Minister for Trade and Investment Lord Davies of Abersoch said:“The UK's strong relationship with China will be a driving force behind future growth and prosperity in both our countries. The decision by China Construction Bank to base its core operation in London is an excellent sign for the future.”

Michael Charlton, Chief Executive of Think London, said: “CCB’s decision to expand their presence in London sends a strong signal to the world’s financial institutions, demonstrating London remains the world’s leading financial and business centre with easy access into Europe.”

Lord Mayor of the City of London, Ian Luder, who is leading a City financial services delegation in Beijing on a 10-day visit to China said: “CCB’s decision in setting up its subsidiary in London is a testimony that UK and China can work together to turn the global financial crisis into a global opportunity.”

-Ends-

About Think London
Think London is the foreign direct investment agency for London, assisting companies moving to the UK capital by offering access to business networks , people and opportunities . Think London is a not-for-profit, private-public partnership delivering expertise and advice to international businesses. The agency’s service is completely free, comprehensive and confidential. Think London’s experts work with government and the business community to help companies access the best people, places and opportunities in the city. Think London’s principal funding partners are the London Development Agency (LDA) and our network of commercial partners . Other key partners are the City of London Corporation , which also provides funding, UK Trade & Investment and the business community through London First .