Deutsche Bank (China) opens for business

Deutsche Bank AG said it opened its locally incorporated China unit today, enabling it to offer a full range of banking services in the local currency to Chinese customers.

Deutsche Bank (China) Co Ltd, a wholly owned subsidiary of Deutsche Bank AG, is headquartered in Beijing.

Deutsche Bank AG's branches and sub-branches in Beijing, Shanghai and Guangzhou have been converted into corresponding branches and sub-branches of Deutsche Bank (China).

Deutsche Bank AG retains a wholesale foreign exchange branch in Shanghai.

Deutsche Bank (China) will offer yuan and foreign currency services, including receiving deposits and lending.

"Our aim is to directly participate in the development of China's financial services sector as broadly as possible and local incorporation will help us achieve this," chief executive of Deutsche Bank Asia Pacific Colin Grassie said in a statement.

Deutsche Bank's operations in China include a 9.9 pct stake in a credit card joint venture with Huaxia Bank and a 19 pct interest in Harvest Fund Management.