China-based networking giant Huawei is planning to establish a new office in London to manage its international finances, in what is likely to be seen as a move to placate concerns over its links with the Chinese state.
The Financial Times reports that the company has hired several senior bankers to run the office, which is still being set up, and has begun recruiting in the City for a team to carry out a range of risk management activities, covering areas such as foreign exchange risk, counterparty risk and country risk.
Huawei confirmed to Computerworld UK that the details in the FT report are accurate and that the Centre of Finance Excellence is part of the company’s recently announced £1.3 billion investment in the UK.
Huawei has come under much scrutiny lately following a US congressional report that recommended that the company be banned from doing business in the country because of allegations that it had links to the People’s Liberation Army in China and that it is ultimately subject to the Chinese government.
This was then followed by an Intelligence and Security Committee report in the UK, which slammed Huawei’s ten year relationship with BT.
The government has since, however, dismissed many of the concerns raised by committee and Huawei has said that it ‘shares the same goal’ as the government in raising the standards of cyber security in the UK.
It is thought the new Centre of Finance will probably support the Huawei’s relationship with global banks and financial institutions that fund many of its largest customers. It may also be designed to help Huawei with its own finances.
Find your next job with computerworld UK jobs