Northern Trust marks opening of Beijing branch

By Becky Yerak
Posted Nov. 24, 2010 at 9:35 a.m.

Northern Trust celebrated the opening of its first China branch, in Beijing, on Tuesday.

Chicago-based Northern has had a representative office in Beijing since 2005. Such an office can be used to build relationships in the market, but many services have had to be provided from offices in Singapore, Hong Kong or elsewhere. Having a branch enables Northern to provide more client services from Beijing.

“Our branch office in Beijing will allow for more face-to-face meetings and better service for our clients across China, including global custody and compliance monitoring services,” said Northern Trust Chairman and Chief Executive Frederick Waddell.

It opened earlier this month. In August it had gotten approved for a branch license by the China Banking Regulatory Commission.

Northern Trust’s presence in China dates to 1999, when it began a cooperative relationship with the Bank of Communications. In 2002, Northern began consultingĀ  China’s National Council for Social Security FundĀ  in preparation for its investment in overseas stock markets.

After receiving approval to open a representative office in 2005, Northern was appointed as global custodian for the council and Bank of Communications and has continued to develop its custody and asset servicing business in China.

In the last three years, Northern 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.

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One comment:

  1. Steve Nov. 24, 2010 at 8:27 pm

    It is great to see companies continuing to grow in China.