Deutsche Bank gets USD300m QDII quota in China
Deutsche Bank China today announced that the State Administration of Foreign Exchange (SAFE) has approved a USD300m qualified domestic institutional investors (QDII) quota, which will allow the Bank to offer overseas investment products to domestic clients.
Lee Zhang, Chairman of Deutsche Bank China said: “QDII is a conduit for domestic investors to access overseas markets. Through its QDII quota, Deutsche Bank will be able to leverage its leading global franchise in order to offer Chinese clients a range of first-rate investment products."
Deutsche Bank is one of the most active foreign banks in China. Through various business units, Deutsche Bank now offers private wealth management, private and business clients, cash management, corporate banking, asset management and capital markets trading services onshore. Its close tie with Huaxia Bank saw the two financial institutions launch a joint credit card in June 2007. It also holds 19.5% interest in Harvest Funds Management.
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Deutsche Bank Communications:
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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 75,000 employees in 75 countries and markets, 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 Asia, Deutsche Bank operates in 17 financial markets with 45 offices and over 15,000 staff.