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UK and China announce financial deals

Wednesday 10 November 2010 - by Nicola York

The UK has announced two financial services deals with Chinese companies following the third annual UK-China Economic and Financial Dialogue in Beijing this week.

UK Chancellor George Osborne announced a joint venture between the Royal Bank of Scotland and Guolian Securities which will allow RBS to enter the Chinese securities market.

This is the first such JV by a UK bank and will allow RBS to underwrite Chinese stock market listings.

Aberdeen Asset Management has also been authorised to offer £200m per year of asset management services to Chinese clients.

The Chancellor said that further progress has also been made on a bancassurance partnership between Standard Life and the Bank of China.

It was agreed that the UK would be "China's partner of choice" on financial services cooperation, building upon the UK's major presence in the Chinese financial services sector.

UK banks already account for 25 per cent of foreign banking in China. 

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