The main building of ICBC London branch. [Photo provided to China Daily]
From a representative office established in 1995 to a comprehensive financial platform supporting trade, investment, and major infrastructure projects, the journey of Industrial and Commercial Bank of China (ICBC) in the United Kingdom has evolved in step with China's reform and opening-up, and the expanding global reach of the country's financial sector.
Today, ICBC operates in the UK through three institutions — the ICBC London branch, ICBC (London) plc, and ICBC Standard Bank plc — with total assets exceeding $58 billion, more than 1,000 employees, and clients and counterparties in around 90 countries and regions.
Trading center, funding hub, offshore RMB market maker
ICBC's UK institutions have helped position the group as a leading arranger of syndicated loans, a major player in cross-border financing, and a 24-hour financial markets trading hub. Through continuous pricing and execution services in foreign exchange, interest rates, and commodities, the institutions support Panda Bond issuance, green finance initiatives, and financing for infrastructure, energy, and cross-border projects, contributing to efficient capital allocation across regions.
Supporting Belt & Road Initiative, bilateral real economies
Leveraging London's role as a strategic gateway to Europe, the Middle East, and Africa, ICBC's UK institutions have built an extensive network to support the Belt and Road Initiative and bilateral real economies, with business relationships with more than 500 banks and non-bank financial institutions, providing tailored financing solutions for infrastructure and development projects.
Over the past five years, ICBC's UK institutions have led 269 syndicated loan transactions with total commitments of $24.7 billion, making ICBC consistently rank among the lead underwriters of syndicated loans in EMEA. Some of these transactions have served 24 clients across 15 countries involved in the BRI.
The main building of ICBC Standard Bank in London. [Photo provided to China Daily]
Promoting cross-border RMB business
Drawing on London's strengths as a hub for international banking and capital markets, ICBC has played an active role in promoting the cross-border RMB business. In November 2025, ICBC acted as a joint lead underwriter for Barclays Bank's 2-billion-yuan ($287.9 million) Panda Bond issuance, the first such issuance by a UK-based issuer.
This momentum continued in January, when ICBC served as the lead underwriter for Barclays Bank's 3.5-billion-yuan Panda Bond issuance — the first Panda Bond transaction by a financial institution in 2026. These transactions underscore London's expanding role in offshore renminbi activity and ICBC's contribution to strengthening financial connectivity between China and the UK.
Championing green finance
Green finance has become a core pillar of ICBC's UK operations, aligning with London's leadership in sustainable finance. The bank's total financing commitments in the renewable energy sector have reached $1 billion, including $117 million in financing for one of the UK's most significant wind farm projects, supporting the country's energy transition.
In 2021, the UK institutions issued the first carbon-neutrality-themed sterling green bond by a Chinese bank, marking a milestone in green capital markets. Over the past three years, the UK institutions have issued nearly 1 billion euros ($1.19 billion) in carbon-neutrality-themed bonds.
By the end of 2025, ICBC's green bonds listed on London Stock Exchange, across six currencies, had cumulatively exceeded $9.2 billion, making ICBC the largest Chinese issuer of LSE-listed green bonds and underscoring London's pivotal role in facilitating sustainable finance cooperation.
Commodity markets expertise backed by a gold vault
ICBC Standard Bank is the international investment banking and markets arm of ICBC. With more than two decades of experience in physical commodities, it is the only Chinese bank to own and operate a commercial precious metals vault outside China, the largest of its kind in Europe. Based in London, ICBC Standard Bank conducts gold trading with a notional value of over $500 billion per year, demonstrating its scale and market leadership.
