If approved by China’s banking regulator, Northern Trust hopes to open a branch in Beijing to complement its representative office and serve Chinese companies looking to invest abroad, Kevin Yap, head of the company’s China operations, told Xinhua, the Chinese government’s official news agency.
“We are thinking about setting up a branch in Beijing to provide global custody services, but that’s entirely dependent on whether or not the CBRC (China Banking Regulatory Commission ) allows us,” Yap says. “The Chinese regulators are being very careful and considered in their decision on whether or not to allow us to have a branch. We are entirely at their beck and call.”