Despite having a "very aggressive" growth target in Asia and China, Hendriksen said the bank has no immediate plan to be locally incorporated or set up a joint securities venture in the country, as have many other foreign banks, including Morgan Stanley and UBS AG.
"We still have plenty of growth potential without having to be locally incorporated or setting up a joint venture," he said.
On the corporate banking side, Commerzbank, which has the biggest market share in Germany's export settlement, wants to play a bigger role in trade settlement between China and Germany, including those denominated in yuan, Hendriksen said.
Germany is China's biggest trading partner in Europe, with bilateral trade reaching 130 billion euros in 2010.
Last month, the bank launched yuan accounts for corporate customers in Germany. The new service is in addition to the yuan account services that the bank already provides through its branches in Shanghai, Beijing and Hong Kong.
According to a survey published last month by HSBC Holdings PLC, eight in 10 businesses on the Chinese mainland that have not yet started to use the yuan to settle cross-border trade are planning to use or adopt it conditionally in future transactions.
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Source:China Daily
Weekly review
"We still have plenty of growth potential without having to be locally incorporated or setting up a joint venture," he said.
On the corporate banking side, Commerzbank, which has the biggest market share in Germany's export settlement, wants to play a bigger role in trade settlement between China and Germany, including those denominated in yuan, Hendriksen said.
Germany is China's biggest trading partner in Europe, with bilateral trade reaching 130 billion euros in 2010.
Last month, the bank launched yuan accounts for corporate customers in Germany. The new service is in addition to the yuan account services that the bank already provides through its branches in Shanghai, Beijing and Hong Kong.
According to a survey published last month by HSBC Holdings PLC, eight in 10 businesses on the Chinese mainland that have not yet started to use the yuan to settle cross-border trade are planning to use or adopt it conditionally in future transactions.
1 2
Source:China Daily
Weekly review
