The Bank of New York is expanding its presence in China with the opening of a representative office in Beijing.
The Beijing office will promote a variety of products and services, including depositary receipts, custody, global payments, trade finance, execution, clearing and securities servicing. It will not be a deposit-taking or banking office.
Thomas A. Renyi, chairman and chief executive officer of The Bank of New York, today hosted a reception in Beijing for Chinese government and business officials and Bank clients.
“The opening of our Beijing office underscores our long-standing commitment to China and will enable us to both enhance relationships with our current clients and Chinese government agencies and forge important new ones in this key market,” he told his audience. “We are positioned to benefit from China’s continued economic development and look forward to expanding our profile in the region.”
The Bank has had a presence in the People’s Republic of China since 1994 when it opened a representative office in Shanghai. The Shanghai office, which was upgraded to a branch in 2000, has developed the bank’s custody and securities servicing operations in China and experienced increasing trade processing volumes due to the entrance of China into the World Trade Organization.
Qing (Larry) Chen has been appointed as chief representative of the Beijing representative office. For the past three years, Chen has been a vice president and China Specialist at The Bank of New York in Hong Kong, where he established and maintained American depositary receipt (ADR) programs for Chinese companies.
Since joining the Bank’s ADR Division in 1994, he has been involved in numerous depositary receipt initial public offerings and private placements, including China Telecom, China Mobile, China Unicom, and PetroChina. A native of the People’s Republic of China, Chen received a Bachelor of Arts degree from Beijing Foreign Studies University and a Master of Business Administration and a Master of Journalism from Ohio University.
“Our business in China has grown steadily since we opened our Shanghai office,” says Kenneth A. Lopian, executive vice president and Head of The Bank of New York’s Asia-Pacific Division. “To properly build on our business momentum, it was critically important for us to establish a presence in Beijing, China’s capital city. The Beijing office will enable us to become more competitive in the regional marketplace, and we are fortunate that Larry Chen will be leading our business development efforts here.”