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Deutsche Bank applies for local incorporation in China

BEIJING (XFN-ASIA) - Deutsche Bank said it has filed an application with the China Banking Regulatory Commission to locally incorporate a unit for China domestic operations.

Published : Mon, 26 Mar 2007 06:36
By : Agencies
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BEIJING (XFN-ASIA) - Deutsche Bank said it has filed an application with the China Banking Regulatory Commission to locally incorporate a unit for China domestic operations.

In a statement, the bank said the locally incorporated unit will be headquartered in Beijing.

The bank will also maintain a branch in Shanghai dedicated to foreign currency operations, it added.

China requires local incorporation for units of foreign banks serving domestic retail customers.

jianbo.wu@xfn.com

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