China Construction Bank has been granted a licence by British regulators to expand into the UK’s business banking market. The branch licence, the second to be awarded to a Chinese bank in less than six months, will provide the lender with greater freedom to offer wholesale banking services in the UK. The move comes after the Industrial and Commercial Bank of China, the country’s largest lender by assets, was awarded a banking licence in September last year. Chaoyong Gong, head of strategic development at China Construction Bank, said the licence means the bank can service local customers as part of its global strategy, while helping to bolster Sino-British relations. Gong said the bank will be able to lend more extensively to corporates and help fund major investment projects, both of which were previously restricted by the lack of a branch licence.
