China CITIC and Deutsche Bank forge payment clearing partnership

Source: Deutsche Bank

Deutsche Bank and China CITIC Bank (‘CITIC’) today announced the signing of a Memorandum of Understanding on the expansion of their cooperation in payment clearing.

Through this partnership, CITIC will use Deutsche Bank’s USD and Euro payment clearing services for its corporate and retail customers’ transactions.

Headquartered in Beijing, CITIC is a listed commercial bank that provides comprehensive financial services to corporate and individual customers. It is part of CITIC Group, a large state-owned multinational conglomerate with business covering commercial banking, investment banking, trust, insurance, fund management and asset management, and other non-financial businesses. CITIC has a network of over 1230 outlets in China, covering near 121 cities across the country.

Ms. Liqun Zhu, Deputy General Manager, Operation Management Department at China CITIC Bank, said: “We are pleased to have chosen Deutsche Bank to further enhance our cash management operations. Our clients will directly benefit from Deutsche Bank’s strength in payments clearing through faster and more efficient system platforms. We value our long-term relationship with the Bank.”

Nancy So, Managing Director, Head of Institutional Cash Sales, Asia Pacific, Global Transaction Banking at Deutsche Bank, added: “Deutsche Bank continues to hold a leading position in both USD and Euro clearing businesses. We are delighted to be working with China CITIC Bank. Deutsche Bank’s all-rounded capabilities and customised solutions can help clients to expand their business and grow their corporate and retail customer base.”

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