ABN Amro Bank of the Netherlands will be operating its fifth branch in China on January 18 in the southwestern municipality of Chongqing to expand its business.
According to the municipal banking regulatory commission of Chongqing, the branch will offer private and corporate wealth management services for high-end clients and small- and medium-sized businesses.
The banking giant has set up four branches in Beijing, Shanghai, Shenzhen and Chengdu. In addition, it has representative offices in Guangzhou, Wuhan and Tianjin cities.
Qiu Zhizhong, chairman of the bank's Greater China Region, told China Securities Journal in late November that the bank would quadruple its branches in China to 20 in five years.
ABN Amro has more than 4,500 branches in 53 countries, according to the bank's Web site.
The bank, with eight other foreign banks including the HSBC and Citibank, has earlier gotten Chinese government's approval for local incorporation.
Under the new regulations on foreign banks that took effect on December 11, the foreign banks can conduct Renminbi business with Chinese citizens with few limitations provided they incorporate locally.
