November 9 -- Bank of Communications (601328.SH, 3328.HK) established a subsidiary in the U.K., the first overseas subsidiary of the bank, reports yicai.com, citing a company filing.

The Chinese bank had won the approval of the U.K.'s Financial Services Authority to set up the subsidiary.

It was reported that Bank of Communications will set up another subsidiary in San Francisco, while a representative outlet in Sydney will soon be upgraded into a branch.

The U.K. subsidiary will be engaged in the deposits, lending, trade financing, and debt investment business.

Source:CapitalVue