Dutch banking group ABN AMRO has secured the regulatory approval to set up a branch in Shanghai.
Since April 2012, the bank has been present in the region through a representative office, which will now become a branch.
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The new branch in Shanghai will focus on catering to the region’s corporate clients.
ABN AMRO managing board member responsible for corporate banking said: "With a branch we can offer a broader range of services to our ECT and Dutch corporate banking clients which is in line with our selective international growth ambitions.
"China is an important market given the country’s position as the leading global consumer of energy. Also, the Netherlands is China’s second largest trade partner in the European Union and ABN AMRO has historically been an important source of trade finance between the countries."
ECT (Energy, Commodities & Transportation) clients form part of the lender’s corporate banking arm, and offer financing solutions to global clients in diverse sectors including commodity finance, shipping, oil and gas as well as offshore oil services.
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