Deutsche Bank China has been appointed as custodian for Hwabao Trust’s investments under China’s Qualified Domestic Institutional Investor (QDII) programme.

Deutsche Bank will act as local master custodian for the company’s equities investments in the Hong Kong market.

“It was important to us to choose a global bank with a good track record in servicing QDIIs and a seamless service, especially as we expand our clients’ investments into new markets and asset classes," said Perry Qiu, head of international department at Hwabao Trust.

Hwabao Trust has a at 1.9bn quota, the largest quota granted to a trust company to date in China, according to Deutsche Bank. 

Specialised in asset management and trust services, Hwabao Trust was established in 1998 as a member of the financial division of Baosteel Group Corporation. 

The company is one of China’s largest trust companies with a total of over 490bn yuan worth of assets, including annuities.

“We are pleased to be Hwabao Trust’s custodian bank of choice. This QDII mandate underscores the strength of our transaction banking franchise in Greater China," said Vicky Tsai, head of investor services, China at Deutsche Bank.