Rainer Neske, Deutsche Bank's Global Head of Private and Business Clients and a Member of the Group Executive Committee said, "For us the strategic partnership with Hua Xia Bank is a meaningful and important step. We are already underway with detailed discussions on areas of commercial cooperation."
Deutsche Bank and Hua Xia Bank have signed a wide ranging cooperation agreement which includes Deutsche Bank exclusively developing credit cards, as well as partnering in affluent customer business, the distribution of investment products, and cash management services. Deutsche Bank will also provide comprehensive technical support and assistance to Hua Xia Bank to further strengthen its existing franchise in risk management, retail and corporate banking. Deutsche Bank has also been granted one seat on Hua Xia Bank's board.
Colin Grassie, Chief Executive Officer of Deutsche Bank Asia Pacific, added:" This acquisition enables Deutsche Bank to participate directly in the development of the rapidly expanding retail financial services sector in China."
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Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With Euro 1,035 billion in assets and 64,103 employees, Deutsche Bank offers unparalleled financial services in 73 countries throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
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