China expansion continues despite downturn
Major international financial services firms are maintaining plans to lift their presence in China despite ongoing reports the Chinese economy is slowing.
That is the bottom line of reports out of a Reuters Summit held in Beijing this week where, amongst others, French institutional Societe Generale said it planned to double its staff in China and expand its network next year.
Reuters reported that the big institutional launched a wholly-owned incorporated unit in China in September, making it one of about a dozen foreign banks authorised to have wider access to the country’s roughly US$2 trillion of personal savings.
It said that before the launch of its China unit, Societe Generale focused on corporate and investment banking businesses through its five branches in China, but was now prepared to offer a wider range of services.
The Reuters Summit was also told that global accounting firm PriceWaterhouse Coopers intended lifting its profile in China, with plans to hire about 2,000 graduates in China in 2009, part of its long-term plan to expand in the country despite the global credit crunch.
AUTHOR
Mike Taylor
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