Stuart Fraser, Policy Chairman for the City of LondonCorporation, which supports and provides local authority servicesfor the Square Mile business district, said today that the launchof Agricultural Bank of China (UK) Ltd., the UK subsidiary ofAgricultural Bank of China Ltd., is excellent news for theCity:"We are delighted that Agricultural Bank of China, one of theworld"s largest banks, has decided to establish its UK subsidiaryin the Square Mile. The launch of Agricultural Bank of China"s UKsubsidiary pays further testimony to London"s position as the worldleading financial centre.

London is a gateway for the significant number of Chinese banksthat are growing their operations here to expand their businessinto Europe and beyond. The importance of China to the UK-basedfinancial services industry has long been recognised and thepresence of the Agricultural Bank of China will, without any doubt,bring great opportunities of financial cooperation between the UKand China."