9 Banks Start Incorporating in China
December 25, 2006
9 Banks Start Incorporating in China
By BLOOMBERG NEWS
Nine foreign banks, including Citigroup and the British bank HSBC Holdings, have won approval to prepare for local incorporation in China.
The lenders control 34 percent of the branches set up by foreign banks in the country, the China Banking Regulatory Commission said in a statement on its Web site yesterday. The others are Standard Chartered Bank, of Britain; Bank of East Asia and Hang Seng Bank, both of Hong Kong; Mizuho Corporate Bank and Bank of Tokyo-Mitsubishi UFJ, both of Japan; DBS Bank, of Singapore; and ABN Amro Bank, of the Netherlands.
China is removing restrictions on overseas banks to meet commitments to the World Trade Organization.
9 Banks Start Incorporating in China
By BLOOMBERG NEWS
Nine foreign banks, including Citigroup and the British bank HSBC Holdings, have won approval to prepare for local incorporation in China.
The lenders control 34 percent of the branches set up by foreign banks in the country, the China Banking Regulatory Commission said in a statement on its Web site yesterday. The others are Standard Chartered Bank, of Britain; Bank of East Asia and Hang Seng Bank, both of Hong Kong; Mizuho Corporate Bank and Bank of Tokyo-Mitsubishi UFJ, both of Japan; DBS Bank, of Singapore; and ABN Amro Bank, of the Netherlands.
China is removing restrictions on overseas banks to meet commitments to the World Trade Organization.
posted by B at 11:54 AM
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