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BoCom opens a branch in London
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BANK of Communications, China's fifth largest bank by assets, opened a London branch today to push for the yuan’s globalization despite the uncertainties brought by Britain’s exit of the European Union.
The Shanghai-headquartered bank will be "actively participated to enhance London to be a leading Renminbi offshore center in Europe," said Song Shuguang, chairman of the supervisory committee of BoCom, underlying broader business opportunities accompanying with growing domestic companies going overseas.
The bank initially entered London in 1993 with a representative office, and then upgraded to a subsidiary in 2011. Having a full branch now, BoCom together with other major Chinese banks is capable of bringing the yuan-denominated business to a broader volume in respond to central bank's attempt of yuan's globalization.
Earlier in October, Yuan was included into the International Monetary Fund's (IMF) Special Drawing Right (SDR) currency basket, gaining more says of currency's presence in a global standard.
Total assets of BoCom reached 7.96 trillion yuan (US$1.17 trillion) by the end of June, with profits gained at 37.6 billion yuan by the first half of 2016, according to lender's half-year report.
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