Northern Trust’s application for a branch license in Beijing has been approved by the China Banking Regulatory Commission.

Northern Trust has had a representative office in Beijing since 2005.

"Institutional investors in China and the Asia-Pacific region have turned to Northern Trust as a strong, stable financial partner with a commitment to the development of domestic financial institutions as sophisticated global investors," says Northern Trust chairman and chief executive Frederick H. Waddell. "With its dynamic economy and emerging opportunities for overseas investment, China is a strategic focus for Northern Trust. Authorization of Beijing branch will allow us to help our clients pursue their goals and bring the full Northern Trust client experience to the Chinese marketplace."

The Beijing branch will support institutional clients in China with global custody, accounting, performance measurement and investment mandate compliance monitoring services.

The branch license allows Northern Trust to provide client services directly from the Beijing office, rather than from Singapore or Hong Kong, as is required with a representative office.

"Our strong track record of providing customised service to Chinese clients reflects Northern Trust's commitment to our clients and our desire to serve as a long-term partner to support growth of the Chinese financial industry," says Teresa A. Parker, chief executive officer of the Asia Pacific region for Northern Trust. "With the approval of a banking branch license, we can build Northern Trust's local infrastructure, strengthen our service capabilities and enhance opportunities for sales and business development in China."

Northern Trust's presence in China dates to 1999, when it began a cooperative relationship with the Bank of Communications. In 2002, Northern Trust began consultation with China's National Council for Social Security Fund in preparation for its investment in overseas equities markets. After receiving approval to open a representative office in 2005, Northern Trust was appointed as global custodian for both the NCSSF and Bank of Communications, and has continued to develop its custody and asset servicing business in China.