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However, he appealed that Chinese financial firms should well consider the reasons for their global strategy, as well as expansion tactics and destinations. Many Chinese banks have been strong in size and profitability domestically, he pointed out, but success in other countries needs more efforts.
Besides, world's financial regulators have generally become skeptical about multinational banks, as a lot of such banks are active in lending and investment during a fast economic growth, but often withdraw their investments when the economy is on the decline.
In June 2009, China Construction Bank (London) Limited was opened for business. China Merchants Bank (SHSE: 600036), Agricultural Bank of China, and China Development Bank are also preparing for the construction of their arms in London, according to a report.
Source: www.cnstock.com (June 24, 2009)
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