Deutsche Bank (China) Co., Ltd. (‘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.”
For more information about Deutsche Bank China: https://china.db.com
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Deutsche Bank in China
Deutsche Bank first established a presence in China in 1872 with the opening of its first overseas office in Shanghai. Headquartered in Beijing, Deutsche Bank China completed local incorporation in 2008, currently with branches in Beijing, Shanghai, Guangzhou, Tianjin, Chongqing and Qingdao. Deutsche Bank has a regional hub in Hong Kong SAR, which celebrates its 55th anniversary in 2013. The bank also maintains securities representative offices in Beijing and Shanghai.
Through rapid organic growth and strategic investments, Deutsche Bank’s core global businesses are all active in China. These include corporate advisory and capital markets, transaction banking, as well as asset and wealth management.
In May 2006, Deutsche Bank acquired a stake in Hua Xia Bank – a national bank listed on the Shanghai Stock Exchange. Subsequently, Deutsche Bank increased its holdings in Hua Xia Bank in October 2008 and then in April 2011, resulting in the current equity ownership of 19.99%.
On the asset management front, Deutsche Bank holds a 30% strategic investment in Harvest Funds Management – one of the country’s leading investment managers.
In July 2009, the joint venture between Deutsche Bank and Shanxi Securities – Zhong De Securities Co. Ltd. – received a securities business license from the China Securities Regulatory Commission (CSRC). Zhong De Securities is currently approved to underwrite and sponsor stocks and bonds (including A-shares, foreign investment shares, government bonds, and corporate bonds), as well as provide corporate advisory services in the domestic capital market. Deutsche Bank holds a 33.3% ownership in the joint venture.