China’s largest state-owned banks are moving big chunks of their European business to Luxembourg as they seek to escape tougher regulation in the City of London.
In a recent letter to the UK Treasury, the Chinese banks bitterly complained that uneven regulation and “rigorously demanding” liquidity rules had prompted them to transfer business and even the management of their European operations out of London.
“They are finding it increasingly difficult to operate in the UK under the current regulatory environment,” read the letter sent by the Association of Foreign Banks on behalf of the banks, which are among the world’s biggest by market value.
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