SHANGHAI: Deutsche Bank has recently made substantial investments in enhancing its operational capacity in North China’s Tianjin municipality, says Ole Gerdau, chief operating officer at Deutsche Bank China.
Deutsche Bank has a storied history marked by the establishment of its first international branch in Shanghai. Today, it is an international industry leader recognised as a pre-eminent financial institution among foreign banks in China, boasting an extensive array of licences and a commitment to delivering financial services to a diverse clientele, including multinational corporations and financial entities.
Speaking in an interview with Xinhua on Monday, Gerdau underscored the pivotal role of China’s economic liberalisation and the yuan’s global ascendancy as cornerstones of Deutsche Bank’s strategic vision in China.
“We are dedicated to our clients’ lasting success and financial security at home and abroad. And for many of our large multinational clients, China is the most important overseas market,” he said.
Testament to its deep dedication to China, the bank has embarked on a robust investment trajectory aimed at bolstering its operational and technological capabilities to better cater to its local clients.
It has notably expanded its footprint in Tianjin and brought on board five senior sector analysts to delve into greater China’s key growth sectors, including the renewables and utilities, consumer discretionary, and automation and industrial sectors.
Deutsche Bank is positive about China’s economic growth, elevating its gross domestic product growth projection for 2024 by half a percentage point in April, with the revised figure at 5.2%. This anticipated growth is set to be propelled by a resurgence in exports and the intensification of spending.
Gerdau believes that, despite the Chinese economy’s growth rate moving away from double-digit figures, its large size ensures it will continue to contribute significantly to global economic growth.
He also noted that China’s emergence as an innovative economy has been nothing short of remarkable, particularly in sectors such as electric vehicles, electronic payments and eCommerce, where it offers an unparalleled customer experience. Deutsche Bank is eager to forge cooperation with local fintech firms, fostering a symbiotic relationship of learning and growth, he said.
The gradual opening of China’s market has created numerous possibilities for the bank. “Whenever there was another step of opening, there were lots of opportunities coming out of it. We are constantly looking for more opportunities,” he said. — Xinhua
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