Deutsche Bank today announced that it has formally advised the China Banking Regulatory Commission of its decision to apply for local incorporation in China, and will set up headquarters in Beijing. Deutsche Bank will keep a foreign currency booking branch in Shanghai.
Colin Grassie, Chief Executive Officer of Deutsche Bank Asia Pacific said, “Local incorporation expresses not only our commitment to China but also our desire to participate directly in the development of the local financial services market there. We want all of our global business lines to build a strong presence in China as regulation allows and local incorporation gives us that foundation.”
Lee Zhang, Chairman of Deutsche Bank China said,” Local incorporation is an important step in the implementation of our China strategy. We are already well positioned for expansion and local incorporation will allow us to accelerate our growth plans across all product lines.”
Deutsche Bank commenced business in China in 1872 and participates strongly in the country in cross border investment banking; in sales and trading activity; and transaction banking and trade services. The bank has recently launched private and business banking through retail branches in Shanghai and Beijing, and will also launch a credit card joint venture in China this year with Hua Xia Bank in which Deutsche Bank has a 9.9% shareholding. Deutsche Bank also owns 19% in Harvest Asset Management, China’s largest independent asset management company.
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About Deutsche Bank
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 1,128 billion in assets and 68,849 employees in 73 countries, Deutsche Bank offers unparalleled financial services 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. In mainland China, Deutsche Bank serves customers through branches in Beijing, Shanghai and Guangzhou. http://www.db.com/