Deutsche Bank opens sub-branch in Shanghai free trade zone
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Deutsche Bank opens sub-branch in Shanghai free trade zone 09 May 2014Shanghai Reporter: Tammy Facey
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The new branch follows the approval from the China Banking Regulatory Commission on 28 April. It is Deutsche Bank’s seventh branch in China—the others are located in Beijing, Chongqing, Guangzhou, Tianjin, Shanghai and Qingdao.
Commenting on the Shanghai free trade zone, Alan Cloete, co-CEO of Deutsche Bank Asia Pacific, said: “The establishment of this free trade zone is a critical step in China’s ongoing ambitious financial reforms on cross-border trade and investment flows.”
The sub-branch offers services associated with cross-border transactions including automated RMB cash sweeping for cross-border lending, two way RMB cash pooling, payables/receivables, foreign exchange, interest rate hedging, financial supply chain solutions, structured commodity trade finance, and structured trade and export finance.
Feng Gao, president and chief country officer of Deutsche Bank China, added: “We are very excited to further expand our franchise in China, made possible by the founding of the Shanghai free trade zone. Client demands related to cross-border transactions have been very encouraging.”
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