The China Banking Regulatory Commission (CBRC) has approved Northern Trust’s application for a branch license in Beijing. The authorisation marks a milestone for Northern Trust, which has had a representative office in Beijing since 2005.
“Institutional investors in China and the Asia-Pacific region have turned to Northern Trust as a strong, stable financial partner with a commitment to the development of domestic financial institutions as sophisticated global investors,” said Northern Trust chairman and chief executive officer (CEO) Frederick Waddell. “With its dynamic economy and emerging opportunities for overseas investment, China is a strategic focus for Northern Trust. Authorisation of Beijing branch will allow us to help our clients pursue their goals and bring the full Northern Trust client experience to the Chinese marketplace.”
The Northern Trust Beijing branch will support institutional clients in China with global custody, accounting, performance measurement and investment mandate compliance monitoring services. The branch license allows Northern Trust to provide client services directly from the Beijing office, rather than from Singapore or Hong Kong, as is required with a representative office. The Beijing branch will play a key role in Northern Trust’s continuing growth in the Asia-Pacific region, where assets under custody grew by 80% in 2009.
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