Deutsche Bank announces sub-branch in Shanghai FTZ

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Deutsche Bank (China) Co., Ltd. announced on Thursday that it will set up a sub-branch in the China (Shanghai) Pilot Free Trade Zone (FTZ).

It will cater to the needs of corporate and financial institution clients in the area and offer a wide range of corporate banking services with a focus on cross-border transactions, said the bank.

Deutsche Bank said that it has received approval from the Shanghai Bureau of the China Banking Regulatory Commission to set up the sub-branch.

"The Shanghai Free Trade Zone is expected to bring about new opportunities for banks that are well positioned to serve clients' needs in a global context," said Gao Feng, president and chief country officer of Deutsche Bank China.

The Shanghai FTZ, launched a month ago, is a test ground for China's reforms. The zone has pledged to push for "a full-scale opening" of the financial service sector to eligible private capital and foreign financial institutions.

• FTZ marks China's bid to shape investment rules
• Mistakes allowed in FTZ trials: government think tank
• Shanghai FTZ sees first aircraft finance leasing business
• New FTZ in Shanghai sees fast growth
• Shanghai FTZ reform in full swing
• More than 200 enterprises register in Shanghai FTZ
• Cooperation between Taiwan, Shanghai FTZ proposed
• Tianjin applies for China's second FTZ
• FTZ sets up arbitration court
• Talks revive on foreign listings in FTZ

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