Huawei set to open London office

05 August 2013 | Kavit Majithia

Chinese vendor Huawei has said it will establish a team based in London in the company’s latest move to embrace business in the west.

Huawei will use the facility predominately to carry out a range of financial activities, and the company has reportedly hired several bankers to head up the office.

It will also carry out a range of risk activities, including foreign exchange, counterparty and country risk.

The Financial Times reports the office is likely to complement Huawei’s relationships with global banks and financial institutions, which it has formed partnerships to fund its largest customers, including a range of global mobile operators.

According to sources, the latest development is further designed aid Huawei with its own finances and monitor the group’s financial situation.

Bankers are also said to be supportive of the move, as there is a bigger drive to encourage the company to sell shares on public exchange, including in Hong Kong.

The company’s CFO and daughter of founder Ren Zhengfei said the company was looking to increase investment in growth areas of the business to boost efficiency. Just last week the company reported an increase in sales revenue by 11% to $2.3 billion for the first six months of this year.