Northern Trust’s Beijing branch officially opened earlier this month, following the approval of the branch license by the China Banking Regulatory Commission (CBRC) in August. The authorization by the CBRC marks a milestone for Northern Trust, which has had a representative office in Beijing since 2005, according to the announcement.
“Our branch office in Beijing will allow for more face-to-face meetings and better service for our clients across China, including global custody, performance measurement and compliance monitoring services,” said Northern Trust Chairman and CEO Frederick H. Waddell. “To me, what this branch office really represents is another step along a road of shared growth and prosperity and a commitment from both China and Northern Trust to work together for a brighter future.”
Northern Trust notes that its presence in China dates to 1999, when it began a cooperative relationship with the Bank of Communications. In 2002, Northern Trust began consultation with China’s National Council for Social Security Fund (NCSSF) in preparation for the NCSSF’s investment in overseas equities markets.
After receiving approval to open a Representative Office in 2005, Northern Trust was appointed as global custodian for both the NCSSF and Bank of Communications, and, according to the announcement, has continued to develop its custody and asset servicing business in China.