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China: Deutsche Bank earns clearance to establish branch in free trade zone

 |  November 7, 2013

The Chinese branch of Germany banking giant Deutsche Bank announced Thursday that it has received clearance from Chinese authorities to establish a sub-branch of the bank within the nation’s new Shanghai free trade zone.

Similar approvals have been granted to Citibank, HSBC, Bank of East Asia and Hang Send Bank, say reports.

According to Deutsche Bank, the Shanghai Free Trade Zone will offer a way for the banks to expand operations within China, the globe’s second-largest economy.

The zone was launched last September and will be open to foreign competition; the area will also be used as a test market for major financial reforms, according to reports.

Full content: Reuters

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