Deutsche Bank China incorporates in Beijing
Beijing, 2 January 2008 - Deutsche Bank today announced that following approval from the China Banking Regulatory Commission on its incorporation in the PRC, Deutsche Bank (China) Co., Ltd. ("Deutsche Bank China") officially commences operation on 2 January 2008. Deutsche Bank China is a wholly foreign-funded subsidiary bank solely owned by Deutsche Bank AG.
Colin Grassie, Chief Executive Officer of Deutsche Bank Asia Pacific (ex Japan), said, "Locally incorporating in China is a major milestone in Deutsche Bank's development. Our aim is to directly participate in the development of China's financial services sector as broadly as possible and local incorporation will help us achieve this."
Lee Zhang, Chairman of Deutsche Bank China said, "Deutsche Bank has had a long and successful history in China and local incorporation is a clear statement of our commitment and intention for the future development of our China business."
The branches and sub-branches of Deutsche Bank AG in Beijing, Shanghai and Guangzhou are converted into corresponding branches and sub-branches of Deutsche Bank China, which is headquartered in Beijing. Deutsche Bank AG retains a wholesale FX branch in Shanghai.
Under its license Deutsche Bank China will be entitled to engage in a broader range of banking services including foreign exchange and RMB businesses such as receiving deposits and lending; buying and selling government bonds and financial bonds; and buying and selling foreign currency-denominated securities other than stocks.
Deutsche Bank commenced business in China in 1872 and participates strongly in the country in cross border investment banking; sales and trading activity; and transaction banking and trade finance services. The Bank has recently launched private and business banking through retail sub-branches in Shanghai and Beijing, and also in June 2007 launched a credit card joint venture with Hua Xia Bank in which Deutsche Bank has a 9.9% shareholding. Deutsche Bank also owns 19% in Harvest Fund Management, China's largest independent asset management company.
