Dutch bank ING upgrades China business

BEIJING - Dutch bank ING announced Thursday that it has upgraded its Beijing representative office to a branch in order to expand business in China.

The Beijing branch will provide clients with foreign exchange settlement services, including foreign exchange deposits, trade financing, loans, export credit, as well as consulting and advisory services.

In compliance with local regulations, the branch will conduct all forms of foreign exchange businesses over the next few years, including drawing deposits, making loans, and foreign currency transactions, said Aart Jan den Hartog, country manager and head of commercial banking, Greater China.

He said that the Beijing branch will be complementary with its three other branches in Hong Kong, Shanghai, and Taipei.