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.