Royal Bank of Canada has received approval to upgrade its representative office in Beijing to a branch, the bank announced today. The branch will open February 28, with a staff of 16 local RBC employees who will be able to assist institutional and business clients with a range of banking activities, including correspondent banking and trade finance.

The full branch license, approved by the China Banking Regulatory Commission, will permit RBC Capital Markets to extend its range of services to its client base in China, as well as institutional and business clients around the world, the bank said. The upgrade will help RBC facilitate the Canada/China trade requirements of its clients, and is also the first step in enabling RBC to provide foreign currency products and related services to clients in China.

The branch, located at 7 Financial Street, Winland International Financial Center, Xicheng District, will also be able to facilitate personal banking relationships in Canada, according to RBC. It expects to open an additional representative office to support insurance relationships in Canada.

“Our goal is to help new Chinese immigrants easily set up their financial affairs before they arrive in Canada,” Mark Whitmell, national manager of cultural and community markets, said in a release. “By having local RBC employees available in Beijing, we are making one part of the immigrating transition that much easier.”

RBC’s history in China began in 1954, when it became the first Canadian bank to offer financial services to China. In addition to the branch in Beijing, RBC also has a branch in Hong Kong, from which the company offers private banking, brokerage, correspondent banking and capital markets services.

“With today’s announcement, we will be able to provide a broader range of banking services to our clients doing business in China, and to Chinese citizens planning to emigrate to Canada,” RBC president Gordon Nixon said in the release.