State Street Corporation has established a representative office in the Xicheng District in Beijing, marking the company’s first presence in mainland China.
“We are excited to be expanding our presence in China and deepening relationships with our customers and local regulators,” said Jay Hooley, executive vice president and head of global investment services for State Street who presided over opening events in the region this week. “The Chinese economy has grown at an average of approximately 9% percent per year over the past 25 years and as an industry leader with a strong history of success, State Street is well-prepared to support this growth.”
Although this is the first office in mainland China, State Street has worked with the Bank of China, Industrial and Commercial Bank of China, China Securities Regulatory Commission, the Shanghai Stock Exchange, China Asset Management Company and E Fund Management Company. In 2002, State Street established its partnership with Zhejiang University to jointly develop technology solutions for the financial services industry.
The company first established its Hong Kong office in 1982, and its Sydney operations in 1985. Five years later, State Street opened its Tokyo office, followed by Taipei in 1992 and Singapore and Seoul in 1997.