Newsletter November 2013: UK regulator defends China banks stance

LONDON - The head of the UK Prudential Regulatory Authority (PRA), Andrew Bailey, used a speech to the British Bankers’ Association (BBA) to defend the announcement of new conditions for authorising Chinese banks in the UK. The speech followed UK Chancellor of the Exchequer George Osborne’s announcement during a trade mission to China that the PRA was prepared to consider allowing Chinese banks to operate wholesale activities as branches in the UK, rather than as fully incorporated subsidiaries.