Royal Bank Canada opens Beijing branch
(Xinhua)
Updated: 2006-03-04 14:03

Canada's largest bank, the Royal Bank (RBC) Canada, announced the opening of its China branch on Beijing Financial Street this week, said Friday's China Securities Journal.

Vice Chairwoman of Royal Bank Canada, Gay Mitchell, said in Beijing that the opening of Beijing branch will make it possible for the bank to provide better financial service to Chinese customers.

The opening of China branch also underscores RBC's firm confidence in the future prosperity of China's economy, said Mitchell.

Chen Linlong, Head of RBC's Beijing Branch, said the new bank will operate 13 types of business in Beijing, and will specially focus on trade financing and foreign currency business in the early stage.

Lured by the policy that China's financial industry will become more accessible, more foreign financial institutions are opening offices and branches in China this year.

Sources from the Beijing Financial Street commercial chamber said along with RBC, four other foreign financial organizations, including Goldman Sachs, Bank of America, JP Morgan Chase and Swiss Bank have all planned to set offices and branches in Beijing this year.

Since 2004, Beijing Financial Street has attracted 20 foreign financial organizations. Beijing's municipal government has issued regulations to promote the development of the financial industry, which also apply to foreign financial organizations.

Financial enterprises that establish new offices in Beijing or move to Beijing will received one-time subsidies from 5 million yuan (about 625,000 US dollars) to 10 million yuan (about 1.25 million US dollars) depending on their size.