ABC begins UK operations
This month the Agricultural Bank of China’s (ABC) UK subsidiary, Agricultural Bank of China (UK) Ltd., began to do business in London.
The UK subsidiary is the first that the Chinese bank has set up in Europe, as well as being ABC’s first overseas subsidiary.
Trade relations between China and the UK have developed significantly over recent decades, and finance, where the UK is a global leader, is an area with particular potential for greater Sino-British development.
The UK subsidiary will primarily be concerned with wholesale banking business, and Vice Chairman of the Board of Directors and President of ABC Zhang Yun said that the subsidiary will help to strengthen co-operation with the UK financial sector.
ABC is not the first Chinese banking giant to expand overseas, and last year ICBC reported that its quintet of European branches managed to make a running start and achieve profitability in the first six months of operation.
Category: Banking News, Business Banking News
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