OREANDA-NEWS. June 19, 2008. Raiffeisen Zentralbank Osterreich AG (RZB) was authorised by the Chinese authorities to open a representative office in the city of Harbin. "With our new representative office in Harbin we expand our operations to cover the dynamic economic region in north eastern China. RZB already has more than 30 corporate clients in this region and we can provide even better services for them through this office. “Furthermore, we intend to bring new clients on board as well," said RZB CEO Walter Rothensteiner. 
 
Harbin, capital of Heilongjiang province, is the largest city in north eastern China, situated between Mongolia, Russia and the Korean peninsula. Speaking about the new office’s scope of activities, Deputy Chairman Herbert Stepic, responsible for international business, said, "This region is one of China’s economic powerhouses. With Harbin as urban centre, it is the most important trade hub between Russia and China. Thanks to its strong position in Russia RZB Group can add significant value for the local economy." 
 
Heilongjiang is an industrialised region with natural resources. Major activities include mechanical engineering, the auto and aviation industries, the production of power plant equipment and electronics. The services provided by the representative office mainly cover trade and project financing with a focus on mining, commodities and the chemical industry. 
 
The representative office is the sixth business location operated by RZB in China, a network consisting of branches in Beijing and Xiamen, representative offices in Zhuhai and Hong Kong, and a finance company in Hong Kong. 
 
Qu Yin-hou, 55, will be heading the office. He has extensive experience in a career of 30 years with China’s largest bank, Industrial and Commercial Bank of China. In his most recent position, he was responsible for international business at the bank’s branch in Harbin.