Banking News
- Deutsche approved for local incorporation
Date: 27-Jul-2007 Sources: (Shenzhen Daily)
DEUTSCHE Bank AG said Thursday it received approval from China's banking regulator to prepare for establishing a locally incorporated unit, Deutsche Bank (China) Co., headquartered in Beijing.
The approval is the first step under Chinese regulations for a foreign bank to set up a local unit and provide a full range of local currency financial services. Deutsche Bank said that the China Banking Regulatory Commission approved the bank to prepare for local incorporation July 5.
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