London, the world’s financial centre, combines exciting diversified cultures and amazing financial power. As well-known as Wall Street in New York the City of London has more than 400 foreign banks, over 600 foreign companies listed on the London Stock Exchange and one-third of the European headquarters of Fortune 500 companies. More than £4 trillion in funds under management in the UK with over US$1.9 trillion foreign exchange turnover each day in London. Here, right in the centre, Bank of China London Branch has developed and expanded since1929, always focusing on its customers and contributing to trade between the UK and China.
On 4th November 1929, Bank of China set up an office which was named ‘Bank of China London Agency’ in London. This was not only the first branch of the Bank to be set up overseas, but was also the first overseas financial office formed by any Chinese bank. In this case, the founding of the London Branch was truly a historical landmark. The Bank of China in London has continued to expand steadily over the years, earning a good reputation and becoming an important member of the City’s banking community.
In 2007,when was also the 78th anniversary the establishment of London Branch, the Financial Services Authority gave approval for Bank of China to establish a UK subsidiary –Bank of China (UK) Limited. Its establishment has been significant for the development of Bank of China Group in both the UK and Europe. Since then, UK subsidiary has in parallel with London Branch, striving for excellence, and technological advancement, while continuing to maintain a competitive edge and to promote the Bank’s image and reputation in the UK. With registered capital of £250 million, the subsidiary can also carry out retail and corporate business, in the City of London, China Town, Birmingham, Manchester and Glasgow through its network.
From 2009, the Bank of China (UK) Limited using mortgage loans as the starting point joined the local mainstream market, its mortgage loans became a competitive product in the local market first time in its history. On 16th September 2010, Bank of China London Branch and Bank of China (UK) Limited moved into a newly purchased and refurbished office building – 1 Lothbury, near to the Bank of England. In the future Bank of China (UK) Limited will continue to strengthen the linkage between China and abroad, expand its wholesale business, ensure that Bank of China can provide full banking services and effective financial services in London and throughout the UK. Bank of China (UK) Limited will further establish itself and provide services in the UK, continuously provide a bridge for the economy and trade, friendship, and cooperation between the UK and China.