Deutsche Bank announced that following approval from the China Banking Regulatory Commission on its incorporation in China, Deutsche Bank (China) Company officially commenced operations on January 1, 2008.
Deutsche Bank China is a wholly foreign-funded subsidiary bank solely owned by Deutsche Bank AG. The original branches and sub-branches of Deutsche Bank AG in Beijing, Shanghai and Guangzhou will be converted into corresponding branches and sub-branches of Deutsche Bank China, which will be headquartered in Beijing. Deutsche Bank AG will retain a wholesale FX branch in Shanghai.
Under its license Deutsche Bank China will be entitled to engage in a broader range of banking services including foreign exchange and RMB businesses such as receiving deposits and lending; buying and selling government bonds and financial bonds; and buying and selling foreign currency-denominated securities other than stocks.