On 8th January 2014, Bank of China London Branch will issue RMB-denominated bonds, providing UK and European investors with an additional high quality RMB product.
This issuance of the bonds marks it as the first RMB bond issued in the London market by the UK branch of a Chinese bank, which will be listed on the London Stock Exchange. The funds raised from the deal will all be retained in London to support the further development of the London offshore RMB market as well as UK-China bilateral trade and investment. Bank of China is the Global Coordinator and HSBC, UBS and Bank of America Merrill Lynch have been appointed as the Joint Lead Managers for this issue.
Founded in 1929, Bank of China London Branch is the largest Chinese bank by assets in the UK with the longest continuously operating history and widest customer base. It is also one of the five founding members of the London Offshore RMB Centre Expert Advisory Group established by the City of London Corporation. By leveraging Bank of China Group's leading position in other major offshore RMB markets, London Branch has introduced a full range of RMB products and services in London as one of the first market movers. Based on the City of London Corporation's survey, Bank of China London Branch is taking a leading role in the London RMB market in RMB international settlement, trade finance, personal deposits and corporate loans.