Jul. 13, 2009 (China Knowledge) - Deutsche Bank (China) Co Ltd, the locally-incorporated subsidiary of German investment bank Deutsche Bank AG, on Thursday said that it has obtained approval from the China Banking Regulatory Commission (CBRC), the nation's banking regulator, to set up a branch in North China's Tianjin City, the Shanghai Securities News reported.
The new branch will be the bank's fourth branch in China. The bank now has branches in Beijing, Guangzhou and Shanghai.
The Tianjin branch, which is expected to be put into operation in late 2009, will initially focus on corporate banking services, including loans, trade financing, international business settlements, and corporate cash management.
Deutsche Bank earlier announced that the China Securities Regulatory Commission (CSRC) has granted an operating license to a brokerage joint venture (JV) between the German bank and Shanxi Securities. It holds a 33.3% stake in the JV, while Shanxi Securities holds the remaining 66.7%, according to an earlier report from China Knowledge.
