Deutsche Bank China, a wholly foreign-funded subsidiary bank solely owned by Deutsche Bank AG, has officially commenced operation in China from January 1, 2008.

The original branches and sub-branches of Deutsche Bank AG in Beijing, Shanghai and Guangzhou will be converted into corresponding branches and sub-branches of Deutsche Bank China, which is headquartered in Beijing. Deutsche Bank AG will retain a wholesale FX branch in Shanghai.

Under its license Deutsche Bank China will be entitled to engage in a broader range of banking services including foreign exchange and RMB businesses such as receiving deposits and lending; buying and selling government bonds and financial bonds; and buying and selling foreign currency-denominated securities other than stocks.

Deutsche Bank commenced business in China in 1872 and participates strongly in the country in cross border investment banking; sales and trading activity; and transaction banking and trade finance services. The Bank has recently launched private and business banking through retail sub-branches in Shanghai and Beijing, and also on June 2007 launched a credit card joint venture with Hua Xia Bank in which Deutsche Bank has a 9.9% shareholding. Deutsche Bank also owns 19% in Harvest Fund Management, China’s largest independent asset management company.

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