Northern Trust celebrated the official opening of its first China branch in Beijing yesterday with an event at the Great Hall of the People for regulators, clients, and industry peers.
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.
“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’s 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 has continued to develop its custody and asset servicing business in China.
Mr. Sun Xiaoxi, Vice Chairman of National Council for Social Security Fund, said, “The establishment of a Northern Trust Beijing branch allows us to carry out full and comprehensive communications, and opens the door for new opportunities for cooperation.”
Mr. Wang Bin, Vice President of Bank of Communication, said that “Northern Trust brings new customer service concepts to China’s banking sector.”
Mr. Shi Guoqing, Vice President of China Life Insurance (Group) Company, said, “In more than five years of bilateral cooperation, Northern Trust’s service team has shown us its expertise and service concept as an internationally renowned custodian bank.”
The Beijing branch will play a key role in Northern Trust’s continuing growth in the Asia-Pacific region. In every region, Northern Trust aims to leverage its global strength with local expertise and service. Over the past three years, Northern Trust has grown its staff in the Asia-Pacific region to more than 2,000 employees at its offices in Beijing, Hong Kong, Singapore, Tokyo, Melbourne and Bangalore.
“We are proud, and honored, to serve a variety of significant institutions in China, including the Social Security Fund,” said Michael Wu, Branch Manager for Northern Trust in Beijing. “With the approval of a banking branch license, we can build Northern Trust’s local infrastructure, strengthen our service capabilities and enhance opportunities for sales and business development in China.”
