UK beckons for Chinese banks
By Zhang Fengming |
July 29, 2010, Thursday
|
Print Edition
Print Edition
ABOUT 15 Chinese banks are expected to start business in the United Kingdom, industry watchers said yesterday.
The Industrial and Commercial Bank of China and China Construction Bank already opened UK offices.
"Chinese banks are coming to UK for access to the capital market so that they can help other Chinese companies that are entering UK's capital market," said Adrian Wilcox, a KPMG senior partner, yesterday in Shanghai.
Chinese banks will initially look to Chinese companies or communities for business but can also "dip their toes" in the retail market, Wilcox said.
Meanwhile, Chinese investment in Britain's manufacturing sector is also returning, partly due to the appreciation of the yuan, which has gained more than 30 percent against the pound in the past two years.
Chinese companies are also looking at bargains after some firms got battered during the global financial crisis.
Michael Charlton, chief executive of Think London, said London's position as the global financial center has attracted more companies to the UK as they seek to attract capital and investment.
China is the second-biggest investor in London after the United States. Twenty-four Chinese firms set up or expanded business in the British capital in the financial year ending March 31, 2010, doubling the number a year ago, according to Think London.
The Industrial and Commercial Bank of China and China Construction Bank already opened UK offices.
"Chinese banks are coming to UK for access to the capital market so that they can help other Chinese companies that are entering UK's capital market," said Adrian Wilcox, a KPMG senior partner, yesterday in Shanghai.
Chinese banks will initially look to Chinese companies or communities for business but can also "dip their toes" in the retail market, Wilcox said.
Meanwhile, Chinese investment in Britain's manufacturing sector is also returning, partly due to the appreciation of the yuan, which has gained more than 30 percent against the pound in the past two years.
Chinese companies are also looking at bargains after some firms got battered during the global financial crisis.
Michael Charlton, chief executive of Think London, said London's position as the global financial center has attracted more companies to the UK as they seek to attract capital and investment.
China is the second-biggest investor in London after the United States. Twenty-four Chinese firms set up or expanded business in the British capital in the financial year ending March 31, 2010, doubling the number a year ago, according to Think London.
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