ICBC Standard Bank to remain in post-Brexit London
While many financial services companies mull UK uncertainty, Chinese clients of joint venture favour sterling
ICBC Standard Bank, the London-headquartered joint venture between the Industrial and Commercial Bank of China (ICBC) and Africa’s largest bank by assets, plans to remain in London and expand its operations there, despite the Brexit vote that has seen many financial services companies reflecting on whether to stay in the global financial capital. Jinny Yan, ICBC Standard Bank’s head of China markets strategy, told the South China Morning Post that London had always been an important trading centre for foreign exchange and commodities. This would not be affected by Brexit. "Many of our Chinese clients have a strong demand for trading in foreign currencies, precious metals, base metals and vaulting services in the city." An ICBC spokesman said any strategic plans undertaken by the London bank would not involve Standard Bank as the minority shareholder. Standard Bank retains a 40% stake in the entity after selling most of its shares to ICBC for R2.8bn in 2015.
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