Source: Saxo Bank
Saxo Bank is opening its new representative office in Beijing and establishing itself in China in order to develop and expand its business in one of the fastest growing economies in the world.
Increased proximity to clients, partners and liquidity providers were the main drivers behind Saxo Bank's decision to continue its expansion in the Asian-Pacific region and to open its new representative office in Beijing.
"In the Asian-Pacific region you find a client base that is knowledgeable, technologically sophisticated and receptive to information on investment instruments, including, but not limited to, FX, CFDs and other derivatives. The future of online trading will be determined by self-directed investors, who are eager to diversify and ready to learn. Saxo Bank's value proposition is uniquely suited to Asian investors in that kind of environment," says Shailendra Robin Patel, Saxo Bank's Senior Executive Director for Global Business Development.
The new office is situated in the Central Business District of Beijing and is Saxo Bank's first foray into China.
"Our representative office will provide ready access to the growing financial community in Beijing and represents our first, formal step into developing and growing our business in one of the fastest growing economies in the world," added Patel.
Saxo Bank has appointed Zhichao Yao as Chief Representative Officer (CRO). Yao brings with him experience from China Galaxy Securities, the No. 1 securities house in China, an in-depth understanding of China's evolving financial and regulatory framework, as well as a strong network across the capital markets in China.
"Our Chinese office will be used to facilitate active interaction and representation of Saxo Bank's business and services to the increasingly international financial community within China and under Yao's guidance will be responsible for establishing and building a strong business network to support our future development plans for China," Patel commented.
Yao will also work closely and co-ordinate with all units of Saxo Bank including our Singapore-based, Saxo Capital Markets Pte. Ltd subsidiary led by SCM CEO, Kevin Ashby. With headquarters in Denmark, Saxo Bank also has operating offices in London and Spain, and an IT development center in St. Petersburg, Russia.
Saxo Bank received formal approval for the opening of their Beijing office from the Chinese Banking Regulatory Commission (CBRC) on February 9 2007. The CBRC will also supervise Saxo Bank's activities in China.