Agricultural Bank of China Opens London Branch

(Beijing) -- Agricultural Bank of China, one of China's big five state-owned commercial banks, opened its first overseas subsidiary in London on February 9, marking a major step in the bank's expansion in overseas markets.

According to the bank, the London branch's businesses will target wholesale banking services, including corporation deposits, syndicated loans, bilateral lending, trade finance and international settlement. The bank said private banking services will not be offered as British authorities tightened approvals for overseas private banking practices after the financial crisis.