China’s sovereign wealth fund and China Life on track to open offices in London
China’s five largest banks all have operations in the UK capital city, while Bank of China has a staff roster of more than 500
China Life and China Investment Corporation are among the latest mainland financial companies set to open offices in London, even as concerns over Brexit remain, according to Mark Boleat, chairman of the Policy and Resources Committee for the City of London.
“There will be more Chinese financial firms opening offices in London. The major mainland banks have expanded in London in recent years and they have sent more senior executives to London,” Boleat said in an interview with the South China Morning Post at Guildhall office in London.
He added that China’s five largest banks all have operations in London, while Bank of China has a staff roster of more than 500.
“Brexit may see London lose some business but that is not the case for Chinese banks, asset management companies and insurance firms which are keen to develop in the international financial centre,” he said.
Among the newcomers, China Life, the nation’s largest life insurer, will open a representative office in London by the end of this year, representing its first outside Asia, he said.