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

By  |  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.

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    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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