The Royal Bank of Scotland is in the process of establishing its first Chinese mainland-based office and is looking to place derivatives marketers onshore within a year. "This is for strategic positioning," said Anthony Yuen, managing director and Asia Pacific regional head in Hong Kong. The branch in Shanghai should be open within six months. After installing a skeleton crew to meet regulatory requirements, such as a financial controller and auditors, Yuen noted that the bank will place derivative marketers for non-renminbi products onshore. Currently, coverage of mainland China is handled out of its Hong Kong office.
RBS Readies Shanghai Branch
