The new Guangzhou branch, managed by Jonathan Lin, will initially offer services in foreign currency including deposits, short, medium and long term loans, factoring and discounting, trading of government bonds, bonds and financial securities other than shares priced in foreign currency,
It will also offer letters of credit and guarantees, domestic and international settlements, trading in foreign currency for itself and third parties, interbanking loans, credit checks and consultation services.
UniCredit CEO Federico Ghizzoni said that with a potential of 500 million consumers, China represents the most appealing country, and yet the most complex one, for European companies to approach.
"Many of our European customers are already working in China, both with production platforms and commercial organisations," added Ghizzoni.
