(Reuters) – Wells Fargo banker Chenyue Mao, who had been banned from China for several months, was allowed to return to the United States after we and Chinese officials’ negotiations, according to two people with knowledge of the case.
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Mao, who works in the Wells Fargo International Factoring Business, was not allowed to leave China for its involvement in a criminal case, the Chinese Foreign Ministry said in July. The ministry said MAO was needed to cooperate during the investigation.
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Mao, born in Shanghai and located in Atlanta, is a US citizen. According to her LinkedIn profile, she is currently working as the US Commercial Bank Director General.
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Below is a publicly available information about the interest of Wells Fargo business in China and the Asian Pacific:
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Chinese banks units
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* The presence of Wells Fargo China is much smaller than its Wall Street peers. The bank for the first time established a representative institution in Beijing in 1997, which was registered in 2018, according to business registration records.
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* 2005 The bank founded a branch in Shanghai and – One more in Beijing. The two branches had 51 and 12 employees respectively, respectively from 2024, according to records.
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* These two branches accept deposits of Chinese customers and provide loans, commercial bonds and securities other than stock, and carry out a foreign exchange business based on unit business registration.
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* Unlike other large US banks, Wells Fargo did not switch to the establishment of a foreign -funded bank, which allows foreign lenders to offer a wider banking business.
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Factoring business
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* Based on her LinkedIn profile, Wells Fargo Trade Financing Manager Mao has been working with the bank for 12 years. Two weeks ago, she was elected chairman of the FCI, the global organization of the domestic and international trade factoring.
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* Mao, Wells Fargo International Factoring Business-Financing, when companies sell their receivables to third countries, such as banks, in exchange for direct cash, and advise international clients on cross-border work and capital strategies, the FCI report said.
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* She has spent more than 21 years in a factor, including the Wells Fargo World Franchise for more than a decade. MAO has raised annual imports of import factors to € 2.6 billion ($ 3.02 billion), the report states.
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* In addition to banking, the Fargo Commercial distribution unit of Wells Fargo established a factoring company in Beijing’s neighboring city Tianjin in 2012, based on business data. The device in Shanghai is a branch with 34 employees.