The Bank of China’s London Branch held a celebration on Monday to mark its 95 years of service to Sino-British trade, and to look ahead to new prospects for economic and financial cooperation between China and the United Kingdom.
More than 100 prominent guests attended the event, including Chinese Ambassador to the UK Zheng Zeguang, Britain’s Ambassador to China Caroline Wilson, Chairman of the City of London’s Policy and Resources Committee Christopher Hayward, Richard Knox, director of International Financial Services of the UK Treasury, and Douglas Flint, chairman of investment company Abrdn, as well as representatives from various sectors and clients from both countries.
Ge Haijiao, chairman of the Bank of China, said: “95 years ago, enterprising pioneers from Bank of China came over to London to set up the Group’s first overseas office. This was also the first overseas venture by any Chinese financial institution…
“In many ways, the history of Bank of China’s global development, which started here in London, mirrors that of China’s financial services industry. Looking back on the past near-century, it has certainly been an epic journey.”
In 1950, the branch facilitated the “ice-breaking journey” to break the Western embargo of New China. In 1979, it participated in China’s reform and opening up, supporting national development. In 2008, it promoted stability amid the global financial crisis, showcasing the strength of Chinese banks. In 2012, it partnered with the UK Treasury and the City of London to develop London into an offshore renminbi hub.
“We will continue to leverage our unique strengths for the benefit of China-UK economic, trade, financial and cultural exchanges, and drive forward relations between our nations,” Ge added. “We look forward to jointly addressing shared challenges, including climate change and the green transition.”
At the event, a memorandum of understanding on green and biodiversity finance cooperation between the Bank of China and the UK government was announced, which expressed commitment to promoting the implementation of the United Nations’ Kunming-Montreal Global Biodiversity Framework.
Until 2021, the branch has listed six bonds focusing on sustainable development, totaling $2.2 billion ($2.88 billion), on the London Stock Exchange, contributing to the UK’s net-zero transition.
Ambassador Zheng stressed that the business communities of the two countries have always been a positive force for China-UK relations and the bilateral trade between China and the UK has exceeded 110 billion pounds ($143.9 billion), and two-way investment stock is close to 50 billion pounds.
“Over the past 95 years, Bank of China’s London Branch has not only grown into a successful financial institution, but also done a great job in connecting China and the world,” said Zheng.
