Deutsche Bank forms alliance with Chinese bank

Restrictive regulations for foreign banks in China means co-operative agreements with local banks are essential. Deutsche Bank signs one with Bank of Communication.

Deutsche Bank has signed a co-operation agreement for cash management services in China with the Bank of Communication.

The German bank says that the main reason for the agreement is to complement their branch presence in China, and to provide value-added services such as accounts query and payment initiation from the one platform.

Our customers are foreign multinationals that want to be able to receive information and initiate payments electronically. We will provide an electronic platform so that MNCs can open an account with a Bank of Communication branch and access that account to make transactions via our electronic platform, says Shirley Chan, head of cash...

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