BRITISH merchant bank Schroders is finally opening a representative office in Shanghai to spearhead expansion into the mainland - 80 years after its first transaction in China.
Joining the growing list of international banking and broking giants to set up in the city, Schroders will use its Shanghai office to provide corporate finance and project finance advice, raise international capital and initiate treasury transactions.
''I am quite convinced that we will rapidly develop other areas of our business, including restructuring of state enterprises, fund management and securities,'' said chairman George Mallinckrodt.
He said the choice of Shanghai for the firm's first office recognised the city's importance as the premier financial centre, but it would also oversee Schroders' business in other parts of the country.
''The Shanghai office will be strategically important as it symbolises the significance we attach to the development of our business in China, and to the extension of our global coverage,'' said Mr Mallinckrodt.
The group is working on a list of transactions in Beijing, Tianjin, Guangdong, Henan, Jiangsu, Sichuan and Fujian.
