LONDON: Foreign banks can operate as branches in Britain but only if they hold minimal deposits and meet other safeguards under new Bank of England (BoE) rules partly aimed at making it easier for Chinese wholesale banks to set up shop in London.
The new rules mark a formal change of tack by Britain whose regulators since the 2007-09 financial crisis have put pressure on all types of foreign bank branches to become subsidiaries that are more accountable to local supervisors.
