SHANGHAI (AFX) - Barclays PLC, the UK's third biggest bank, said it opened its first branch office in Shanghai, upgrading from a representative office.
Barclays can now provide money market and foreign exchange trading and advise on risk management and debt financing for its mainland clients, it said in a statement.
'China is clearly a key market for us in Asia and the new license is an important part of our expansion in the region,' said Robert Morrice, Barclays Asia chairman.
'Chinese companies are entering the next stage of development where they need greater access to financing and are keen to employ the most advanced and innovative forms of risk management,' said Morrice.
'Our business in China over the past 12 months grew faster than our target of 20 pct, and we expect to maintain double digit growth in the near future,' he added.
Barclays has no plans to take up stakes in state banks ahead of WTO-mandated financial
deregulation, largely because it is focused on debt and derivatives markets, which are only just starting to develop in China.
Paul Scanlon, a spokesman for the bank, said Barclays' next step in China would be to acquire a derivatives license.
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