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European Bank Opens Shanghai Branch
The Shanghai Branch of the Netherlands' Meers Pierson N.V. Bank opened Monday in this east China metropolis.
Located in the city's Pudong New Area, the bank is under the authority of the Fortis Bank, an international insurance and banking group with total assets of 406 billion euros.
Herman Verwilst, president of the Fortis Bank, said that China is making efforts to internationalize its banking system, and as the country's financial center, Shanghai will play an important role in this process.
The new branch will hire many Shanghai residents as employees and provide them with professional training, he said.
"We will be engaged in fund raising for China's major commodity imports and exports," said Huang Zushun, president of the branch.
Meers Pierson N.V., which has representative offices in 25 countries worldwide, handles a financing volume of about four billion U.S. dollars a year.
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