Deutsche Bank has joined Citibank, DBS and HSBC in receiving authorisation to operate in the Shanghai free trade zone.

The authorisation comes from the Shanghai Bureau of the China Banking Regulatory Commission and allows for the set up of a sub-branch, which will focus on cross-border transactions and corporate banking.

Feng Gao, president and chief country officer of Deutsche Bank China, comments: “The Shanghai free trade zone is expected to bring about new opportunities for banks that are well positioned to serve clients’ needs in a global context.”

Inside the free trade zone, which opened at the end of September, legal restrictions on a number of industries, ranging from finance to shipping and commerce, are to be reduced over two to three years in a bid to bolster China’s economic growth.