ABN Amro opened a locally incorporated entity in Shanghai on July 3rd, subsequent to recent approval from the China Banking Regulatory Commission. ABN Amro (China) Co. Ltd. will facilitate the bank's growth and expansion plans into RMB-denominated banking services in China.
Addressing the press ABN Amro managing board member, Piero Overmars, said: “The new entity provides us with a broader scope for development and will be a powerful impetus to further accelerate our growth in China.â€
The bank said in a statement that it has more than tripled its registered share capital to RMB 4 billion ($526.5 million) from RMB 1.3 billion ($171 million) to assist these expansion plans.
Presently, ABN Amro has 14 outlets and employs more than 1,000 staff in China. The bank plans to triple the size of its business in China within the next five years, expanding its network to more than 20 outlets by the end of 2008.
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