Chinese banking officials praised London as a global financial center following the opening of Shanghai Pudong Development Bank’s new branch.

Gao Guofu, the chairman of SPD Bank said London is also one of the most important offshore renminbi centers. “It is an important platform to help Chinese financial firms integrate into the world’s financial markets,” he said.

The branch is SPD Bank’s first outside Asia. It will initially provide corporate banking services, such as corporate loan, foreign exchange services and trade financing. In the longer term, the bank also looks to offer more innovative products and services, including cross-border currency clearing and targeted products.

Charles Bowman, lord mayor of the City of London, said SPD Bank London branch is “well-placed to act as a bridge between our two great cities”.

Liu Xiaoming, Chinese ambassador to the UK, said SPD Bank’s London expansion reinforces the close collaboration between China and UK, and is a natural step in the process of the Chinese economy’s increasing integration with the global market.

Prior to SPD Bank, five Chinese banks already had branches in London. They are Bank of China, China Construction Bank, Industrial and Commercial Bank of China, China Merchants Bank and Bank of Communications. Meanwhile, Agriculture Bank of China is preparing to launch its London branch soon.