Deutsche Bank opens Chongqing branch
Deutsche Bank (China) Co. Ltd (DB China) announced today that it opened a branch in Chongqing following the approval from China Banking Regulatory Commission (CBRC) on 14 April 2011. The Chongqing branch is the bank’s fifth in China, complementing the Bank's branches in Beijing, Shanghai, Guangzhou and Tianjin.
The new branch offers a full range of transaction banking, treasury products and services, catering to the needs of the sophisticated corporates and financial institutions. Key products include working capital management solutions, cash management, foreign exchange and interest rate hedging, supplier finance, structured trade and export finance.
Werner Steinmueller, Deutsche Bank’s Head of Global Transaction Banking & Member of the Group Executive Committee said: “The opening of this new branch is an important step in Deutsche Bank’s strategy in China, where we will bring the bank’s world-class transaction banking products and services to Western China, one of the fast growing markets in the region. Our presence will also support our corporate and institutional clients’ ambition to grow further within China and beyond.”
David Koh, Head of Global Transaction Banking China and Trade Finance & Cash Management Corporates Greater China, said: “With the approval and ongoing guidance from the CBRC, Deutsche Bank is excited with the opportunity to extend our innovative and highly rated solutions to the various corporates across the western region of China and to leverage on Deutsche Bank’s global network as the gateway to growing their businesses across the rest of the world.”
For further information, please contact:
Deutsche Bank AG
Pwai Foon Tang
(65) 6423 8189
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a substantial strong private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With more than 100,000 employees in 74 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions, creating lasting value for its clients, shareholders, people and the communities in which it operates.
About Deutsche Bank in China
Deutsche Bank first established a presence in China in 1872 with the opening of an office in Shanghai. Today Deutsche Bank is locally incorporated in China, and employs over 500 staff in Beijing, Shanghai, Guangzhou and Tianjin. In addition, the bank has a regional hub with over 1,400 staff in Hong Kong SAR, which celebrated its 50th anniversary in 2008. 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; private and retail banking; and asset management. The bank is strong in cross-border investment banking services. To date, it has book-run three of the largest IPOs in history for its clients in China.
Deutsche Bank also has a retail banking presence in China. In May 2006, the Bank acquired a stake in Hua Xia Bank – a nationwide bank listed on the Shanghai Stock Exchange – and launched joint credit card operations in June 2007. Deutsche Bank now holds 19.99% of Hua Xia Bank, subject to regulatory approvals.
In Asset Management, Deutsche Bank holds a 30.0% strategic investment in Harvest Funds Management – one of the country’s leading investment managers.
Deutsche Bank and Shanxi Securities Co. Ltd.’s joint venture – Zhong De Securities Co. Ltd. – received a securities business license from the China Securities Regulatory Commission (CSRC) in July 2009. Complementing Deutsche Bank’s existing products and services in China, Zhong De Securities is currently approved to underwrite and sponsor A-shares, foreign investment shares, and government and corporate bonds and provide corporate advisory services on the domestic market. Deutsche Bank holds 33.3% of the joint venture.