HSBC, Citigroup near completion of China banking ops local incorporation- report |
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Thu, 08 Mar 2007 03:30
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BEIJING (XFN-ASIA) - Foreign banks including HSBC and Citigroup Inc have applied for final approval to locally incorporate units handling their China banking operations, the Shanghai Daily reported, citing banking sources.HSBC and Citigroup have completed internal preparations and received positive reports from the China Banking Regulatory Commission on March 2. The two banks were the among first overseas lenders to file on Monday for final regulatory approval.'We invested significant resources in the preparation work as we regard local incorporation as a very positive development for China's banking sector. We look forward to incorporating our China business in Shanghai upon receiving the final approval from the CBRC,' the newspaper cited Richard Yorke, chief executive officer of HSBC China, as saying.Bank of East Asia and Standard Chartered Bank have also received positive reports from the regulator, the report quoted other sources as saying.China requires foreign banks providing services to mainland clients to do so via locally-incorporated units.andrew.pasek@xinhuafinance.com
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