UniCredit has received authorisation from the China Banking Regulatory Commission (CBRC) to transform its representative office in Guangzhou into a bank branch, thus joining the Shanghai branch and agency office in Beijing.
Federico Ghizzoni, UniCredit's C.E.O., inaugurated the branch today.
UniCredit has been operating in China for 30 years, and this new branch is further proof of its supporting role for the international development of enterprises. A knowledge of the local market, a team of both European and local experts, and the assistance of the China Desk in the main countries where the Group is present, are the strong points which UniCredit can offer to whoever intends to work in this Asian country.
The new Guangzhou branch, in line with local regulations, will initially offer services in foreign currency including deposits, short, medium and long term loans, factoring and discounting, trading of government bonds, bonds and financial securities other than shares priced in foreign currency, letters of credit and guarantees, domestic and international settlements, trading in foreign currency for itself and third parties, interbanking loans, credit checks and consultation services.
The new branch will be managed by Jonathan Lin, a manager with lengthy experience in the financial sector in international companies and institutions, who has worked at UniCredit's Shanghai branch for the past two years.
Guangzhou is the capital of the southeastern Guangdong province which, with 100 million in habitants and a GDP of 655 billion dollars in 2010 is by far the leading and most developed province in China boasting average growth rates for disposable income and spending surpassing 10 percent in the past three years.
"We have invested heavily and continue to do so to create a significant presence in China, to assist our customers and be a real partner for them," commented Federico Ghizzoni, UniCredit's C.E.O. "With a potential of 500 million consumers, China represents the most appealing country, and yet the most complex one, for European companies to approach. Many of our European customers are already working in China, both with production platforms and commercial organisations. Especially during this critical economic period, internationalisation represents a great opportunity for enterprises. And our Group is ready to assist these enterprises, whether they are major corporations or SMEs, already in operation or who want to enter new markets".
Currently more than 400 customers are helped by UniCredit's offices in China, with custom services including advisory, specifically regarding local laws.
In addition to Guangzhou, UniCredit works in this Asian country through its Shanghai branch, opened in 1996, which offers companies a wide range of products and services, including deposits and loans in local and foreign currency, credit, Global Transaction banking and foreign currency transactions.
The Beijing representative office, opened in 1982, is also very active. It provides 360-degree consultation to customers and is a great point of reference for companies approaching the Chinese market for the first time.
UniCredit is ranked as one of the most solid European commercial banks, with a diversified financial services business.
UniCredit's Corporate and Investment Banking client offer focuses on three primary pillars:
- Corporate Banking and Transnational Services;
- Structured Finance, Equity Markets and Investment Products;
- Access to Western, Central and Eastern Europe.
Thanks to its network, one of the biggest in Europe with approximately 10,000 branches, it can assist Chinese companies who work or wish to develop their business in Europe.
1) Full-scale, customised consultation office for companies interested in the Chinese market
Milan, 15 February 2012
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