China Construction Bank wins UK regulatory approval to open London unit

BEIJING - China Construction Bank (CCB) said it has received approval from the UK's Financial Services Authority to set up a wholly-owned unit in London, its first in Europe.

The unit's operations will cover deposits and loans, trade finance, foreign-exchange trading and financial derivatives.

China Construction Bank is also setting up a wholly-owned branch in New York after receiving Federal reserve approval this week.

The bank is also seeking to set up branches in Vietnam and Australia.

Currently, the bank has branches in Hong Kong, Singapore, Frankfurt, Johannesburg, Tokyo and Seoul, as well as two wholly owned units in Hong Kong and a representative office in Sydney.


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