ABN Amro wins China derivatives licence

The Dutch bank will now set up a financial derivatives business covering hard currency derivatives products, including forex options and interest rate derivatives. The service is targeted at the bank's existing corporate client base to help them manage their risk and investments, said a spokesperson at the bank in Shanghai.

The service will be available at all three of ABN Amro's Chinese branches - Shanghai, Shenzen and Beijing.

"China has a rapidly growing economy where improved risk management becomes a more important challenge, thus raising the demand for sophisticated financial instruments such as derivatives," said Bruno Schricke, ABN Amro's country representative for China based in Shanghai.

The bank is committed to meeting the growing appetite for more complex products from all our clients and is continuously looking to expand its service offering, he added. He described winning the licence as a "major milestone" for the bank's business in China.

ABN Amro now joins Credit Suisse First Boston, Citigroup, Mizuho Bank and Standard Chartered as foreign banks cleared to offer financial derivatives in China, while HSBC and Deutsche Bank await approval.

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