China's Bank of Communications opens its first London subsidiary

Bank of Communications opened its first overseas subsidiary in London to improve cross-border business and provide global wealth management services and financial services.

The London subsidiary will deal with deposits, lending, trade financing and bond investment, the bank said in a statement.

A branch in San Francisco is expected to open thereafter, and a representative office in Sydney will become a branch, according to the statement.

Currently, the bank has 11 overseas institutions in New York, Tokyo, Singapore and Hong Kong.

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