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Could Bank of China leave London?
   2017-01-31 10:36:29    CRIENGLISH.com      Web Editor: Meng Xue

An interior view of Bank of China's London Branch [File Photo: Xinhua]

Bank of China could be set to move some of its London operations to Dublin.
 
That's according to a report from the Irish Independent newspaper, which suggests that the Bank of China (BoC), together with Sumitomo Mitsui Banking Corporation of Japan, is in talks with the Irish Government about a possible relocation.

According to the report, ten foreign banks are currently considering such a move, alongside HSBC and Barclays, who have already revealed plans to move some staff away from London as a direct result of Brexit.

BoC has a long history of operating in London. In 1929, the bank opened its first ever overseas branch in the city, an operation which has continued to play an important part in the development of BoC to this day.

However, when the United Kingdom leaves the European Union, banks are concerned that their access to the European market will be limited.

That's led to concerns of an 'exodus' of financial jobs from London, which in turn led people to evaluate what the impact of such a situation might be, especially on Chinese investments in East London.

(By Rupert Reid for sino.uk)

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