Headquartered in Shanghai, the new banking entity will facilitate the group’s ambitious growth and expansion plans into RMB-denominated banking services in China. To support this growth, ABN Amro has more than tripled its registered share capital to RMB4 billion from RMB1.3 billion.
Piero Overmars, managing board member at ABN Amro, said: Our local incorporation marks a new milestone in the bank’s 104-year history in this market. The new entity provides us with a broader scope for development and will be a powerful impetus to further accelerate our growth in China.
At present, the Dutch finance group, which is currently at the center of one of the largest takeover wars in the world, has 14 outlets with more than 1,000 members of staff in China. The bank has a target to triple the size of its business in China within the next five years, and to expand its network to more than 20 outlets by the end of 2008.
Qiu Zhi Zhong, vice chairman of ABN Amro in Asia and board chairman of ABN Amro in China, added: We will continue to expand our scope of business to offer more RMB products, applying our global expertise in foreign exchange and wealth management to our RMB business for the benefit of our local customers.
