Deutsche Bank yesterday started operation of its incorporation
on the Chinese mainland to pave the way for unlimited retail yuan
services to Chinese.
The new entity -- Deutsche Bank (China) Co Ltd -- is a wholly
foreign-funded subsidiary bank solely owned by Deutsche Bank
AG.
"Locally incorporating in China is a major milestone in Deutsche
Bank's development,'' said Colin Grassie, chief executive officer
of Deutsche Bank Asia Pacific (excludes Japan). "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.''
Under its license, Deutsche Bank China will be entitled to
engage in a broader range of banking services including foreign
exchange and yuan 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.
The branches and sub-branches of Deutsche Bank AG in Beijing,
Shanghai and Guangzhou have been converted into corresponding
branches and sub-branches of Deutsche Bank China, which is
headquartered in Beijing. Deutsche Bank AG retains a wholesale
forex branch in Shanghai.
(Shanghai Daily January 2,
2008)
