Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

CHINA DEVELOPMENT BANK CORPORATION (CDB) ENTERS INTO COMPREHENSIVE COOPERATION WITH THECITYUK

TheCityUK and the China Development Bank Corporation (CDB) today (17 June 2014) signed a Memorandum of Understanding at the Foreign & Commonwealth Office in the presence of Prime Minister David Cameron and Chinese Premier Li Keqiang.

CDB is a joint stock bank wholly-owned by the Government of the People’s Republic of China. CDB facilitates the implementation of China’s national economic development strategy through its medium- to long-term lending and investment businesses. It is primarily responsible for funding large-scale infrastructure, social development and international cooperation projects.

This agreement sets out both parties’ belief that working together will strengthen and bring benefits to the UK and Chinese economies. This follows the commitment made by the Chancellor of the Exchequer, George Osborne, during last week’s Mansion House speech to a “big step forward” in the economic ties between the UK and China.

This agreement has three key aims:

  • to support CDB to expand its financing and lending activity in the UK, including in infrastructure-related investment;
  • to build awareness and understanding of the role of the Chinese currency (RMB) in supporting China-UK and global cross-border investment; and
  • to promote more comprehensive China-UK cooperation in RMB-related and other business.

TheCityUK’s Chairman, Sir Gerry Grimstone, said: “It is very good for both China and the UK that CDB intends to expand significantly its operations in London. CDB has been instrumental in powering China’s economic development policies. This is a ground-breaking agreement which will help deepen and grow the existing strong relations enjoyed between the financial and related professional services industry of our two countries. It is another significant milestone on the route towards ensuring that the UK continues to be one of the major hubs for all RMB-denominated business.”

The President of CDB, Mr Zheng Zhijie, said: “London is one of the world’s global financial centres. As the largest foreign lending and cooperation bank of China, it is important that CDB expands its operations there as we review our future funding requirements and investigate investment opportunities in infrastructure, which will enable us to achieve mutual benefit for China and the UK.”

Chris Cummings, CEO of TheCityUK, added: “This is an important strategic initiative which will help take TheCityUK’s partnership with Chinese decision-makers to a higher level. It also represents a major opportunity for China and the UK to develop further cross-border business.”