Promontory Financial Group, a regulatory, risk management, compliance, and strategic consulting firm, has announced opening of a new office in Beijing, China.
The Beijing center is an important addition to Promontory’s Hong Kong office in Promontory Financial Group China, which provides advice and solutions to banks, regulators, and other financial institutions in China and the region.
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Promontory’s business in China will be led by former Deputy U.S. Treasury Secretary Frank Newman, chairman of Promontory China, and Bing Yu, named as managing director and general manager.
Prior to Newman’s work at Promontory, he was chairman and chief executive of Shenzhen Development Bank, where he was the first non-Chinese executive to head a Chinese banking organization.
Yu joins Promontory from a large global consultancy, where she headed the financial risk management advisory practice in mainland China.
"We are pleased to be able to bring our expertise in corporate governance and risk management to more of our clients in China," Newman said. "We look forward to assisting firms in the fast-growing financial markets of the region."
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By GlobalDataThe Beijing office is one of 18 Promontory offices across the globe.
"China is now home to the largest banking system in the world," said Promontory’s founder and CEO, Eugene Ludwig. "The opening of the Beijing office signifies our commitment to expanding our firm’s services there."
