One of the world's oldest banks, the Berenberg Bank from Germany has opened an office in Shanghai.
Following such predecessors as the Deutsche and Dresden Banks, the privately owned Berenberg Bank is the tenth German bank to open a branch in Shanghai.
Blaus Budelmann, chairman of the bank's board, told a press conference in Shanghai that his bank was upbeat about the rosy economic and financial future in China and Shanghai and believed the booming trade between the two countries would create a big market for Berenberg.
Established in 1590, the bank specializes in trade financing, investment management and personal finance. Before basing itself in Shanghai, it built up contact with China's shipping, trade, banking, securities and insurance sectors.
(People?s Daily May 25, 2002)
