Loading ...
Sorry, an error occurred while loading the content.
 

[CHINA] Foreign Banks Aplly to Expand Services

Expand Messages
  • madchinaman
    Foreign banks apply to expand services in China From the Associated Press http://www.latimes.com/business/la-fi-banks12dec12,1,996728.story BEIJING — Eight
    Message 1 of 1 , Dec 13, 2006
      Foreign banks apply to expand services in China
      From the Associated Press
      http://www.latimes.com/business/la-fi-banks12dec12,1,996728.story


      BEIJING — Eight banks have applied to become the first foreign
      institutions licensed to handle retail business in Chinese currency,
      the government said as a WTO deadline for opening its banking market
      passed Monday.

      Seventy-one foreign banks are represented in China but most were
      limited until now to handling foreign-currency business.

      Beijing agreed to open the market as part of its World Trade
      Organization membership commitments. Its own banks have been racing
      to modernize in preparation for facing foreign competitors.

      Banks that have applied for retail licenses are Citigroup Inc. of the
      United States, Japan's Mizuho Corporate Bank, Britain's HSBC Corp.
      and Standard Chartered, Dutch bank ABN Amro Holdings, Singapore's DBS
      Bank and Hong Kong's Bank of East Asia and Hang Seng Bank, according
      to Chinese regulators.

      Rules that took effect Monday give them access to the local-currency
      retail banking business, in theory lifting all geographic and client
      restrictions on operations. Previously, foreign banks were allowed to
      offer such services on a limited scale in 20 major cities.
    Your message has been successfully submitted and would be delivered to recipients shortly.