More Chinese banks want to come to London despite Britain’s departure from the European Union
Announcement may help soothe jitters in the City of London financial district that foreign banks will shun Britain because of Brexit
CHINESE banks have put their faith in a post-Brexit Britain and are clamouring to set up shop in London.
British and Chinese government officials met in London yesterday to unveil a "strategic plan" to deepen financial and economic ties between the two countries.
"It will support the integration of China's financial markets into the global market through London's financial centre, exchange of expertise and increase market access," Britain and China said in a joint statement.
It takes forward plans for closer ties between the London and Shanghai stock exchanges.
The two countries underscored a commitment by their regulators to co-operate more closely in banking, asset management, insurance, and financial technology.
"Both sides welcome the continuing interest by firms, including Agricultural Bank of China (UK), Shanghai Pudong Development Bank, and others, in submitting further applications to establish branches in the UK, once they are ready to make applications," Britain and China said in the joint statement.
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Regulators from both countries were committed to working together to ensure an "effective review"; of all proposals from the banks, it added.
The announcement may help soothe jitters in the City of London financial district that foreign banks will shun Britain because it is leaving the EU.
British regulators have already authorised London branches for Bank of Communications Co, and China Merchants Bank.
The China Banking Association will also open a London office "when conditions permit" and the Shanghai Clearing House also intends to set up a London office next year.
Chinese authorities will support Aberdeen Asset Management in its application to register private fund management entities in China, and then launch private fund products after authorisation.
They will also "positively" consider the application of Heng An Standard Life, part-owned by Standard Life, for a pensions licence in China, the document said.