BNY Mellon has received a license from China Banking Regulatory Commission (CBRC) to set up a banking branch in Beijing.

BNY Mellon said that the license will allow the new Beijing branch to offer banking services to its institutional clients and expand its range of local and global capabilities it can offer in China.

However, BNY Mellon said that it was not interested to offer any retail banking services.

Larry Chen will assume the role of general manager of the Beijing branch. Mr Chen was previously chief representative of the Beijing representative office.

BNY Mellon plans to expand its Beijing and Shanghai operations and increase the local employment in the future as it looks to build or acquire complementary local capabilities. Currently it has approximately 150 employees in Shanghai and Beijing and plans to increase the work force with additional 70 people over the next three years.

Christopher Sturdy, chairman of Asia-Pacific at BNY Mellon, said: “Becoming a branch in Beijing is an important step in enhancing our services and achieving our vision to become one of the leading international financial services firms in China.”

Mr Chen said: “We have the solutions Chinese institutions are looking for to meet their goals of achieving positive returns within a transparent and efficient infrastructure which mitigates risk.”