Bank of New York Mellon has been authorised by the China Banking Regulatory Commission CBRC to set up a banking branch in Beijing. BNY Mellon received a licence for its Shanghai branch in 1999.
The licence allows BNY Mellon to provide banking services to its institutional clients and will broaden the range of local and global capabilities it can offer in China, but the firm does not intend to provide any retail banking services.
Larry Chen, previously chief representative of the Beijing representative office, has assumed the role of general manager of the Beijing branch.
BNY Mellon said in a statement that it plans to expand its Beijing and Shanghai operations and increase...