SPD to tap UK market with its first London branch

Shanghai Pudong Development Bank on Tuesday opened its first London branch, the latest in a series of Chinese banks opening offices in the city.

Four other Chinese banks have established London branches in the past four years, and there is one more in the pipeline.

In London, SPD Bank will initially provide corporate banking services, such as corporate loan and foreign exchange services. Chinese companies expanding into the United Kingdom are expected to be the bank's earliest clients in London, but over time, SPD Bank also hopes to recruit new UK clients.