The Royal Bank of Scotland Group (RBS) has officially opened its Beijing branch to offer corporate banking services through its Global Banking & Markets division. These services include debt coverage, risk management and investment products for domestic Chinese corporate and financial institutions.
RBS opened its Shanghai branch in 2004, and formed a strategic partnership in August 2005 with the Bank of China covering a range of banking businesses.
Meanwhile, Saxo Bank has opened a new representative office in Beijing, appointing Zhichao Yao as its chief representative officer. Yao was previously from China Galaxy Securities, the country’s largest securities brokerage firm.
Earlier this year, Saxo received regulatory approval from the China Banking Regulatory Commission to establish an office (See Squawkbox, February 19 2007). The office will target the “increasingly international financial community within China” as well as build “a strong business network to support our future development plans for China,” says Shailendra Robin Patel, Saxo Bank’s senior executive director for global business development.