The largest bank in China, the Industrial & Commercial Bank of China (ICBC) have announced plans to move into central London office space in 2011.
In a deal advised by property investment firm, CB Richard Ellis, the financial institutions will move into an office building close to the Bank of England London branch.
The office, on 81 King William Street, will be refurbished to a Grade A standard before the move, but once occupied; it will become the new headquarters for ICBC.
Senior director of City Capital Markets at CBRE, Stephen Pearson, said, “This is a significant Chinese deal for the city this year as we continue to see an increasing number of enquiries from occupiers and investors wishing to enter or expand into the London market.”
ICBC is the world’s most valuable bank with over 18,000 outlets and has offices and agents globally, in New York, Sydney and Frankfurt.
The Bank of China has also announced plans to fund a £100m hotel development for London to bolster the hospitality sector. The bank will provide a £50m development loan for the 254-bedroom InterContinental London Westminster hotel property, which is being developed by Splendid Hotel Group and expected to open in 2011.