The Industrial and Commercial Bank of China (ICBC) is to be given a British banking licence by the end of the year, strengthening relations between the City of London and China. 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.
