Barclays opens first Chinese branch

Chinese regulators have granted UK bank Barclays a branch license for its Shanghai office. The license allows Barclays, including its investment banking arm Barclays Capital, to provide money market and foreign exchange services, and advise corporate customers on risk management and debt financing.

"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, chairman of Barclays Asia. "Our business in China over the past 12 months grew faster than our target of 20% and we expect to maintain double digit growth in the near future."

Earlier this year, Barclays opened new offices in Jakarta and Taipei. Barclays expects growing demand from Chinese companies for more sophisticated forms of risk management as the companies' need for financing grows.