Offshore law firm and fiduciary services provider Appleby will open a new representative office in Shanghai on 2 April, 2012. The office is going to deliver fiduciary and administration service and will operate in tandem with the firm’s Hong Kong office, which has serviced Appleby’s clients in Asia for more than 20 years, the firm said in a news release.
Appleby’s Managing Partner for Cayman Huw Moses said: “As a business we feel that mainland China presents significant opportunities for us and for our clients. We already have a solid base in Hong Kong and we are keen to build on this.
“We have over two decades of experience of operating in Asia. It is a well trodden path for us,” Mr Moses said. “This tells us that the key to being successful in China lies in winning confidence and building solid relationships with our clients there. Having a physical presence near these clients is key to the next stage of our development. We are skilled at navigating the business environment in China and recognise the need to take an intelligent and sophisticated approach to expanding our operations into the PRC.”
Appleby has chosen Shanghai because it is the commercial and financial centre of mainland China, Mr. Moses said.
“We already have a track record in other major international financial centres, and we feel that having a presence in Shanghai makes commercial sense,” he said.
Appleby’s strategy is to focus on offering fiduciary and administration services from its Shanghai base first and to extend the services offering if needed at a later stage.
“We feel there is a genuine need for these services in the PRC given the economic environment there. Should it become appropriate to do so, we will of course consider offering our clients a broader range of services from there,” Mr. Moses said.
Farah Ballands, global head of Fiduciary and Administration Services at Appleby, said by 2025, Shanghai is predicted to be one of the largest global financial centres.
“Having a presence here will not only allow us to expand our business but it means we will be able to continue to offer a first class service to our existing clients, many of whom are interested in China as a fast growth, dynamic centre,” she said.
Appleby’s Hong Kong Office Managing Partner Frances Woo said having a base in Shanghai will add significantly to the existing services offered out of Hong Kong.
“The Appleby team in Hong Kong already plays a vital role in developing existing relationships in China as well as forging new local and international relationships. Being on the ground will definitely enhance this programme for us,” she said.
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