London Stock Exchange welcomes Bank of China, London branch to Professional Securities Market
Founded on 5th February 1912, Bank of China is the most internationalised bank in China with significant global influence. It ranked the 9th among the world top 1000 banks in 2013 in terms of tier-one capital by The Banker magazine. It has been recognised by the G20 as one of the 29 Global Systemically Important Financial Institutions since 2011.
Bank of China London Branch was established in 1929 and it is the first overseas financial institution formed by a Chinese bank. It is also one of the five founding members of the London Offshore RMB Centre Expert Advisory Group established by the City of London Corporation. Based on the City of London Corporation’s survey, Bank of China London Branch is taking a leading role in London RMB market.
On 9th January 2014, Bank of China Branch successfully issued RMB 2.5 billion (GBP 253 million) of 3.45% Notes due 16th January 2017. It is the largest single London RMB bond issuance.
Wenjian Fang, the General Manager of Bank of China London Branch said:
“We are very pleased with the result. It’s London’s first RMB bond issued by a Chinese bank’s UK branch. We have achieved our goal of making it the largest RMB bond ever issued and listed in London, with a record high subscription from UK and European investors. ” The success of the issuance was highly commended by the UK government. Chancellor of the Exchequer George Osborne hailed the issuance as “another example of the increasingly successful London Renminbi market.”