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Deutsche Bank subsidiary opens wholesale branch in Qingdao
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THE Chinese banking subsidiary of Deutsche Bank AG today opens a new branch in Qingdao, a coastal city in east China's Shandong Province, to offer transaction banking services to wholesale clients in the city.
The new branch will offer a range of services including cash management, trade finance, foreign exchange, loans, and supply chain financing solutions for corporate and financial institution clients, the German bank said in a statement today.
"We are pleased to further expand our footprint in China with the opening of a branch in Qingdao,” Jürgen Fitschen, co-chief executive officer of Deutsche Bank, said in the statement.
“China is one of the most important markets for Deutsche Bank, as it represents both immediate and long-term growth potential. We are committed to growing our business in this country both through organic growth − with the expansion of our branch network − and through successful partnerships.”
Deutsche Bank decided to focus on corporate banking for the Chinese market and forgo the retail sector. It joined Royal Bank of Scotland in scrapping its retail banking business on the Chinese mainland and closed its last retail branch in Beijing in July.
Retail franchises of the RBS in China were taken over by Singapore-based lender DBS in late 2010.
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