Deutsche Bank gets nod for Free Trade Zone
Print Edition
Deutsche Bank (China) expects to better serve the needs of corporate and financial institution clients with its sub-branch in the pilot free trade zone in Shanghai, joining other global banking rivals in setting up there.
The Shanghai Office of the China Banking Regulatory Commission has approved the setting-up of the sub-branch which is expected to offer corporate banking services that will focus on cross-border transactions for corporations and financial institutions, the bank said yesterday.
“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 yesterday.
Citigroup, DBS, HSBC, Bank of East Asia and Hang Seng Bank have also received approval to start operations in the FTZ.
Citigroup and DBS received the go-ahead to set up outlets in the zone on September 29 when it officially opened, along with eight major Chinese banks. HSBC, Hang Seng Bank and Bank of East Asia got the green light from the CBRC in October.
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