BBVA, the Spanish financial group, has opened its first branch in Shanghai. So far, BBVA’s presence in China has been limited to representative offices in Shanghai and Beijing.
Officially inaugurated in February, the new branch will be primarily devoted to investment activities and financing companies (BBVA IPC - Corporate & Investment Banking) with two main objectives: supporting Asian clients looking to invest in countries where BBVA is present and providing on-site services to foreign clients operating in China.
Led by Ms. May Yao, the 6-member team of the Shanghai branch will provide financial services related to foreign trade, corporate finance and treasury products.
BBVA has a presence spanning 30 years in the major financial centers of Asia. The new Shanghai branch is the fifth of the group in the region, after Hong Kong, Seoul, Singapore and Tokyo. The increasingly global company is known to be particularly active in regions with high growth potential, like Turkey and Latin America.
This latest move on the part of the organization can be seen as a way for it to make use of the bustling business climate and reinforce its presence in another international city like Shanghai, by moving from a representative office to an actual office.
Photo Source: Wikipedia