New | ICBC Standard Bank sticks with London expansion to tap Chinese demand despite Brexit
‘One Belt, One Road’ and weak pound trigger growing interest among Chinese firms to trade in forex and metals in London
Lured by the strong demand from Chinese companies to trade in the foreign-exchange and commodities markets and the opportunities arising from the “One Belt, One Road” projects, ICBC Standard Bank is determined to proceed with its expansion in London despite Britain’s vote to leave the European Union, according to a senior executive.
Established in 2014 and headquartered in London with offices in Hong Kong, Singapore and Shanghai, the bank is a joint venture between Industrial and Commercial Bank of China, with a 60 per cent stake, and South Africa-based Standard Bank.
With a staff count of 700, the firm provides investment banking services for both ICBC’s and other Western clients in the trading of commodities, foreign-exchange, interest rate, credit and equity products. It is also a member of the London Metal Exchange in metal trading.
ICBC itself also has a branch network in London and across Europe on corporate banking.
Jinny Yan, chief China economist of ICBC Standard Bank, said her firm would continue to expand in London.