ABN AMRO has established its locally incorporated entity in China, ABN AMRO Bank (China) Co., Ltd, after receiving approval from the China Banking Regulatory Commission. Headquartered in Shanghai, the entity will facilitate the bank’s ambitious growth and expansion plans into RMB-denominated banking services in China. It has more than tripled its registered share capital to RMB 4 bln from RMB 1.3 bln.

Established in 1903, ABN AMRO currently has 14 outlets and employs more than 1,000 staff in China. The bank plans to triple the size of its business in China within the next five years, expanding its network to more than 20 outlets by the end of 2008.

As part of the bank’s continuous commitment to support the local communities in which it operates, the ABN AMRO Foundation, a community investment unit of the bank, has announced a new initiative in cooperation with Mercy Corps to alleviate poverty in China.

The project will see Mercy Corps, a well-reputed and governed NGO, partner with the Dandelion School in Beijing, to provide vocational, life skills training and apprenticeships to disadvantaged teenagers, targeting regions where ABN AMRO has presence in China.

Launching in September, the project aims to equip young people from rural villages, aged 14 to 18, with income earning skills to help their families escape the cycle of poverty. Initially, the project is expected to benefit over 300 families in China.(ABN AMRO)

• ABN AMRO to Acquire Taitung Business Bank in Taiwan
• Chinatrust Commercial Bank Embarks on Core Banking Transformation with i-flex’s FLEXCUBE
• HSBC to First Enters Chinese Rural Market
• Agricultural Bank of China Selects TEMENOS for Core Banking Transformation
• HSBC Plans to Double China Branch Network This Year
• First Data to Provide Global Merchant Acquiring Solutions to Lenovo
• GRG’s New Production Centre Put into Operation
• China Everbright Bank Deploys Kalignite Multivendor ATM Software