ICBC gets nod for branch in UK

Bank upgraded from subsidiary status; bodes well for China lenders' overseas growth

The Industrial and Commercial Bank of China Ltd has been granted a branch license to operate in the United Kingdom, the Prudential Regulatory Authority, the British financial services regulator, which is part of the Bank of England, said on Tuesday.

"We can confirm that ICBC has been authorized to operate in the United Kingdom as a wholesale-only branch," a Bank of England spokesperson said.