Chris Cummings, Chief Executive of TheCityUK, commented:
“TheCityUK strongly welcomes the Chancellor’s announcement that the PRA is to offer talks with leading Chinese banks to discuss the establishment of branches in London for their wholesale banking operations.
“TheCityUK has worked closely with government and regulators to set out the opportunities that would be created by providing access to greater Chinese investment in the UK. This is most easily facilitated by helping Chinese banks to establish themselves here as branches and allowing them to access their parent bank’s balance sheet, potentially increasing funding for UK infrastructure and investment in other sectors.
“With our Chairman Gerry Grimstone in China this week, supporting the Chancellor’s and the Mayor of London’s delegations, we are pleased that the Government has heeded the calls of the sector for the need to attract more Chinese business to London - already the world’s leading centre for RMB foreign exchange trades.”