Nordic Business Report-September 29, 2006-Nordea to apply for banking licence in Shanghai
(C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com
The Finnish-Swedish financial group Nordea said on Thursday (28 September) that it will apply for a banking licence in Shangai in order to expand its business activities in China.
The proposed new branch will focus on providing local financial services to Nordic corporate customers operating in China.
Nordea said that it expects to obtain the licence before the end of next year.
"With the permission Nordea immediately obtains a licence to operate in foreign currency and in due time with respect to the Chinese banking regulations Nordea will apply for a banking licence to operate in the local currency renminbi," Nordea said.
Nordea has had a branch in Beijing since 1984.
((Comments on this story may be sent to [email protected]))
