The Bank of China London Branch

Different cultures have different names for wedding anniversaries. For a couple that manages to stay together for over 90 years, it is called a marble wedding. A century-long union would be described as a marriage made in heaven. As we mark the 95th anniversary of the relationship between the Bank of China and the United Kingdom, we are celebrating a milestone that many partnerships never achieve. This relationship is far more than a mere union of convenience; it has weathered numerous challenges and celebrated moments of resplendent success.

The story of the Bank of China London Branch began in 1929, during a period of significant global upheaval. Its establishment was not just a business endeavor but a testament to the burgeoning connection between China and the UK. In 1934, the Bank made history by becoming the first Chinese institution to receive a banking licence in the UK, setting the stage for a unique and enduring financial partnership.

Throughout its history, the Bank of China London Branch has navigated through both turbulent and golden times. The 1950s and 1960s saw the expansion of its services in response to the deepening economic ties between the two nations. The 1990s brought a notable achievement as the branch was among the first foreign banks to issue bonds in the City of London, marking a period of significant financial integration.

Entering the 2000s, the Bank played a crucial role in supporting Chinese enterprises as they ventured into global markets, with the opening of a new headquarters in 2009 reflecting its growing influence and strategic importance.

Today, as we celebrate this remarkable 95-year journey, the Bank of China London Branch stands as a symbol of enduring resilience and strategic foresight. Its continued presence and success in the UK is not just a response to a colonial past but a powerful affirmation of changing times. The Bank’s story is a reflection of how fortunes have shifted, with success now firmly rooted in Chinese achievements and the challenges increasingly faced by the Western world.

Recently, a colleague from the brokerage industry asked me about an article in a U.S. magazine. “Ralph, I have the impression that you’re a bit pro-Chinese,” he said. “You have a keen eye,” I responded with a touch of humor. I appreciate success, not chaos. The British spent over a century trying to make China more British—without success. Today, British banks are the small chips on the roulette table of major banks, the tens and twenties. In the global ranking of the five greatest banks, there are four Chinese banks listed. Yes, I am pro-Chinese because China represents balance in the markets and reason—qualities that have allowed the Bank of China to sustain its relationship with the UK.

This anniversary is more than a commemoration of longevity; it is a celebration of the transformative impact the Bank of China London Branch has had on global finance and the deepening of the economic relationship between China and the UK. It underscores the power of enduring partnerships and the ability to turn challenges into enduring success.

We’ve forgotten that on the financial markets, the color of flags is irrelevant. China understands this, while the West is increasingly beginning to forget. If this article can help to raise British awareness about the truly essential aspects of a partnership, particularly a business one, then perhaps a small part of the roulette table might once again be British—at least a little.

The original article was published on Sept 16, 2024 in the UK Business Magazine "DataDrivenInvestor", Kent, England.