Western banks eye B&R bonanza

BEIJING - With China's Belt and Road Initiative gaining more recognition globally, Western banks including Citigroup, HSBC and Standard Chartered are rushing in for a piece of the pie in this once-in-a-generation opportunity.

The initiative, proposed by President Xi Jinping in 2013, aims to create greater trade, infrastructure and people-to-people links between Asia, Europe, Africa and beyond by reviving and expanding the ancient Silk Road routes. The modern version comprises an overland Silk Road Economic Belt and a 21st Century Maritime Silk Road.

According to the Financial Times, the big banks have held conferences on the Belt and Road Initiative, appointed senior bankers to champion their role in the initiative and set up committees to coordinate their approaches across different business activities.