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Industrial Bank approved to set up representative office in London

May 21, 2020


Abstract : Industrial Bank Co., Ltd. (601166.SH), one of the first batch of joint-stock commercial banks on the Chinese mainland, has recently gained approval from China Banking and Insurance Regulatory Commission (CBIRC) to set up a representative office in London.

BEIJING, May 21 (Xinhua) -- Industrial Bank Co., Ltd. (601166.SH), one of the first batch of joint-stock commercial banks on the Chinese mainland, has recently gained approval from China Banking and Insurance Regulatory Commission (CBIRC) to set up a representative office in London, marking the bank's important step forward in accelerating the business layout around the world, the Xinhua-run Shanghai Securities News reported on Wednesday.

The move showcased the bank's intention to further strengthen the linkage between domestic and overseas businesses in a bid to provide all-round and diversified cross-border financial services for "going global" enterprises.

It is learned that the bank will learn from the mature experience of the international financial market, and steadily promote preparation and application for the establishment of operational branches in the United Kindom.

In 2019, the lender saw its business revenue climb 14.54 percent to 181.3 billion yuan.

(Edited by Yang Yifan with Xinhua Silk Road, yangyifan@xinhua.org)

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Keyword: Industrial bank

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