China's ICBC Opens first British Branch in London

The Industrial and Commercial Bank of China has opened its first branch in London.

ICBC becomes the first Chinese bank to open a branch in London in 85 years.

The new branch should allow the Chinese bank to have more lending and financing capacity in the UK.

ICBC chair Jiang Jianqing.

"I believe we will integrate into the British market more actively and rapidly as a Chinese bank, as well as make more contributions to promoting Sino-British economic exchanges and helping bolster the British economy."

The new branch in London will be primarily engaged in traditional commercial banking.

ICBC has established over 330 overseas institutions in over 40 different countries.