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| ICBC, which has assets of more than $3.06 trillion (£1.8 trillion), is in talks with the Bank of England's Prudential Regulation Authority (PRA) Photo: Reuters |
The Industrial and Commercial Bank of China, the world's biggest bank, is to be given a
British banking licence by the end of the year, strengthening relations between the City of London and the Asian economic superpower.
ICBC, which has assets of more than $3.06 trillion (£1.8 trillion), is in talks with the Bank of England's Prudential Regulation Authority (PRA).
Although PRA approval processes are still underway, regulatory sources confirmed that ICBC would become the first Chinese bank to gain a bank branch licence.
The news comes ahead of a visit to London this week by the Chinese prime minister, Li Keqiang, during which he will meet the Queen and David Cameron, the Prime Minister.
The visit by China's second most senior political official is based around a bilateral summit during which the two prime ministers are expected to discuss trade and investment, not least Chinese investment into major UK infrastructure projects such as HS2.
ICBC currently has operations in London through a subsidiary, but a bank branch licence would allow it to significantly increase the amount of business it transacts, as well as allowing it to lend greater amounts due to different capital restrictions.
The Telegraph
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