Northern Trust has gained approval for a Beijing branch license from the China Banking Regulatory Commission (CBRC). Northern Trust has had a representative office in Beijing since 2005.
The move follows BNY Mellons similar announcement in June 2010.
The Beijing branch will support institutional clients in China with global custody, accounting, performance measurement and investment mandate compliance monitoring services. Over the past three years, Northern Trust has grown its staff in the region to more than 2,000 employees at its offices in Beijing, Hong Kong, Singapore, Tokyo, Melbourne and Bangalore.
“Institutional investors in China and the Asia-Pacific region have turned to Northern Trust as a strong, stable financial partner with a commitment to the development of domestic financial institutions as sophisticated global investors,” said Northern Trust chairman and CEO Frederick H. Waddell. “With its dynamic economy and emerging opportunities for overseas investment, China is a strategic focus for Northern Trust. Authorization of Beijing branch will allow us to help our clients pursue their goals and bring the full Northern Trust client experience to the Chinese marketplace.”
Custodians are eager to support the rapidly developing financial services industry in China. McDonalds, the fast-food giant, recently become the first corporate to issue a renminbi-denominated bond. The bond issuance, managed by Standard Chartered, sold in less than two hours.