China Construction Bank Corporation’s first representative office in London was established in November 1991. China Construction Bank (London) Limited, a UK incorporated subsidiary of China Construction Bank Corporation (hereinafter “CCBL”) was established in March 2009. In June 2014, CCBL obtained the authorization from the People’s Bank of China to serve as the clearing bank for RMB business in London. In the same year, China Construction Bank Corporation obtained a third country branch license. In February 2015, China Construction Bank Corporation London Branch (hereinafter “CCBC London Branch”) commenced business. At present, China Construction Bank Corporation has a subsidiary and a branch in the UK. CCBL focuses on certain corporate and investment banking businesses whilst CCBC London Branch covers most of the corporate, capital markets, financial institutions and RMB clearing businesses.