China Construction Bank has been granted a licence by British regulators to expand into the UK’s business banking market in an attempt to cement the City as a hub for Asian financial companies.
The branch licence, the second to be awarded to a Chinese bank in less than six months, will provide the lender with greater freedom to offer wholesale banking services in the UK.
The move comes after the Industrial and Commercial Bank of China, the country’s largest lender by assets, was awarded a banking licence in September last year.
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