Comerica Bank has become the latest U.S. financial institute to open an office in Shanghai, China, to take advantage of the booming Chinese economy.
The Detroit-based bank announced Tuesday it has opened a representative office in Shanghai to provide networking services for its U.S. customers seeking to expand business opportunities in China.
"China is the fastest-growing importer and exporter for the U.S., and Chinese-owned businesses represent an increasingly significant part of our Western Market," said Tom Ogden, Comerica's executive vice president for Global Corporate Banking.
Shanghai is a center of manufacturing activity for many U.S.-affiliated companies, which is advantageous to the bank, and the Shanghai office would also provide an important link for Chinese businesses seeking to expand in the United States, Tom added.
The move to open an office in China is already paying dividends in the form of new business, according to Michael Fulton, president and CEO of Comerica's Western Market.
Comerica's presense in China is scoring points with California's Asian-American communities, which most U.S. banks are courting these days.
Comerica has made a few adjustments as it adapts to doing business in China.
The bank's new Shanghai office in Pudong features its company logo in red instead of the traditional blue, as officials said red represents happiness in Chinese culture.