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China Construction Bank London subsidiary approved by FSA

CHINA Construction Bank (CCB), one of China's big-four state-owned commercial banks announced Friday that it had received approval from Britain's Financial Services Authority (FSA) to set up its London subsidiary -- the bank's first branch in Europe.

It would also be CCB's third wholly-owned subsidiary after the CCB Asia and CCB International, both in Hong Kong, according to the statement issued on CCB's Web site.

The London subsidiary would be eligible to run overall banking businesses covering money deposits, credit offers, financing, foreign currency exchanges, and the trading of other financial products.

CCB said the subsidiary would further upgrade the bank's global financial service network and improve its ability to serve financial exchanges and cooperation between China and the UK.

CCB is also running branches in other parts of the world such as New York, Seoul, Tokyo, Frankfurt among others.


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