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Deutsche Bank becomes 6th overseas lender to win approval for FTZ presence
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DEUTSCHE Bank said it has received regulatory approval to open a subbranch in Shanghai’s pilot free trade zone, becoming the sixth overseas lender to receive approval for a presence in China’s hottest location for financial reforms.
The German bank said the subbranch approved by the Shanghai Bureau of China Banking Regulatory Commission will cater to the needs of corporate and financial institution clients in the zone and is expected to offer corporate banking services with a focus on cross-border transactions.
Citigroup and DBS Bank got the nod for new outlets in the FTZ on September 29, when the zone officially opened, along with eight major Chinese banks.
HSBC, Hang Seng Bank and the Bank of East Asia received the green light from regulators to join their foreign peers last month.
“The Shanghai Free Trade Zone is expected to bring about new opportunities for banks that are well positioned to serve clients’ needs in a global context,” Gao Feng, president and chief country officer of Deutsche Bank China, said in a statement today.
China launched the Shanghai free trade zone at the end of September and promised to accelerate capital account liberalization and interest rate reforms in the pilot zone.
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