China Banking Regulatory Commission has granted Northern Trust license for Beijing branch office.
The branch license allows Northern Trust, which has had a representative office in Beijing since 2005, to provide client services directly from the Beijing office, rather than from Singapore or Hong Kong, as is required with a representative office.
Northern Trust said that Beijing Branch will support institutional clients in China with global custody, accounting, performance measurement and investment mandate compliance monitoring services.
Northern Trust Asia Pacific region CEO Teresa Parker said that with the approval of a banking branch license, Northern Trust can build its local infrastructure, strengthen service capabilities and enhance opportunities for sales and business development in China.