Deliver Your News to the World

Deutsche Bank China incorporates in Beijing


WEBWIRE

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”) will officially commence operation on 1 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 intentions for the future development of our China business.”

The original branches and sub-branches of Deutsche Bank AG in Beijing, Shanghai and Guangzhou will be converted into corresponding branches and sub-branches of Deutsche Bank China, which will be headquartered in Beijing. Deutsche Bank AG will retain 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 on 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.

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 77,920 employees in 75 countries, 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. www.db.com

About Deutsche Bank China

Deutsche Bank China Co., Ltd. is a wholly-owned foreign-funded subsidiary of Deutsche Bank AG and is incorporated in the PRC. Headquartered in Beijing, Deutsche Bank China now operates branches and sub-branches in Beijing, Shanghai and Guangzhou. http://china.db.com

For further information, please contact:

Michael West Tel +852 2203 8403 Email: michael.west@db.com

Sauw Yim Tel +852 2203 7077 Email: yim.sauw@db.com

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 77,920 employees in 75 countries, 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.



WebWireID56038





This news content was configured by WebWire editorial staff. Linking is permitted.

News Release Distribution and Press Release Distribution Services Provided by WebWire.