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Daily Dispatches – London trying to woo Chinese banks

Trying to attract Chinese banks

Trying to attract Chinese banks

City of London Lord Mayor Roger Gifford has told China Daily that regulators in Britain and China can help more Chinese banks open branches in the United Kingdom.

“We would like the regulators to be comfortable with each other so that we can have branches here as well as subsidiaries, because we would like to see more banks opening here,” he said.

Since the 2008 financial crisis, the Financial Services Authority, Britain’s financial services regulator, has made it more difficult for some foreign banks to set up branches in the country. Bank of China is the only Chinese bank to have a branch. 

Australia bouncing back

Australian business confidence jumped to a three-and-a-half-year high in September, reports the Financial Times. The confidence gauge measured by the National Australia Bank business survey, released on Tuesday, rose 12 points last month, to hit its highest level since March 2010.

“The federal election result appears to have helped confidence,” said NAB, adding that the findings from the survey, along with other forward indicators, may be the “first portents of stronger growth in the Australian economy”.

National Bank of Abu Dhabi plans to expand its debt capital markets (DCM) business into Asia to help companies secure funding from the Middle East and north Africa, according to Arabian Business.

NBAD, the largest lender by market capitalisation in the United Arab Emirates and the most active in debt markets, will hire staff to drive the Asia business and be based in Singapore, which will be the bank’s wholesale banking hub for the region.

ANZ hoping to pick up assets in Asia from US and UK banks

The Wall Street Journal reports that ANZ boss Mike Smith believes that European and US banks likely will shed more assets in Asia, creating buying opportunities for the Australian lender as it sticks with an ambitious regional growth strategy.

ANZ is among lenders tipped to be interested in buying Hong Kong’s Wing Hang Bank.

Global banks steer clear of new Shanghai free-trade zone

The South China Morning Post says that China’s bid to attract global foreign banks has met with a lukewarm response. Beijing’s move to eliminate bureaucratic approval processes to encourage them to open branches in the zone has not received the response it was hoping for.

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