China Construction Bank joins London Stock Exchange

China Construction Bank London Branch (CCBL) Tuesday joined the London Stock Exchange (LSE) as a member firm a year after the two organizations signed a memorandum of understanding, LSE said in a statement.

The two organizations agreed to work together to expand each company's access in Britain, European and Chinese markets as well as promote the development of the offshore RMB market in Britain. CCBL is Britain's official RMB clearing bank.

"Welcoming CCBL as a member firm today is a hugely significant step in our journey towards greater collaboration and partnership with China," said Xavier Rolet, chief executive officer CEO of the London Stock Exchange Group.

"London Stock Exchange Group is fully committed to working to develop the off-shore RMB market in London as well as facilitating ever closer bonds between British and Chinese capital markets," said Rolet.

Biao Li, chairman of CCB London, said: "We are glad to become a member of London Stock Exchange as a Chinese bank in London. CCBL has been providing a comprehensive range of quality and professional banking products and services to our customers through our extensive global network and diversified service platform."

"In addition to raising the strategic partnership between CCBL and London Stock Exchange to a new level, this membership will also enhance our customer servicing capability and further strengthen CCBL's position in the market," Li added.

CCBL is LSE's ninth member from China, highlighting London's deep relationship with China.

According to LSE, its membership allows major trading and broking firms to connect directly to Europe's most liquid and international order book, and to trade central counterparty cleared securities including some of the world's largest and well-known companies. Endit