Deutsche Bank China's sub-branch plans in Shanghai FTZ get go-ahead
Will focus on cross-border transactions.
According to a release, Deutsche Bank China today announced that it has received approval from the Shanghai Bureau of the China Banking Regulatory Commission to set up a sub-branch in the China (Shanghai) Pilot Free Trade Zone.
This sub-branch will cater to the needs of corporate and financial institution clients in the area and is expected to offer a wide range of corporate banking services with a focus on cross-border transactions.
“Deutsche Bank has grown significantly in China by leveraging rapid advancements in the local financial industry,” said Feng Gao, President and Chief Country Officer of Deutsche Bank China. “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.
This plays well to Deutsche Bank China’s strengths in providing innovative solutions in an evolving market place. We are confident that we will achieve further success by being focused on the needs of our clients and being a trusted partner to them.”