Spanish lender BBVA has secured the green light from the China Banking Regulatory Commission (CBRC) to open a branch office in Shanghai.
The new branch office is the first one to be launched by BBVA in mainland China. Since 2005, the bank has been present in the city through a representative office.
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The new office will become operational in February, concentrating on foreign trade, corporate finance as well as treasury products.
The branch will house 16 specialists having extensive experience in the Chinese banking industry, led by May Yao.
In addition to the Shanghai branch, BBVA operates with five branches in Hong Kong, Seoul, Taipei, Singapore and Tokyo. It also has representative offices in Beijing, Mumbai and Sydney.
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