Bank of New York Mellon Corp. said Monday it has won clearance from Chinese regulators to open a BNY Mellon branch in Beijing to serve the U.S. bank's institutional clients.

BNY Mellon does not intend to offer any retail banking services at the Beijing branch.

BNY Mellon received a license for its Shanghai branch in 1999.

The New York-based company said it employs about 150 workers in Beijing and Shanghai, and plans to increase the total by another 70 over the next three years.

Larry Chen, previously chief representative of the Beijing Representative Office, will assume the role of general manager of the Beijing branch.

Originally, BNY Mellon's business in China focused on its treasury, trade and payments services. The bank now offers a wider range of services in China, including asset management, custody, fund administration, depositary receipts and foreign exchange.