HSBC, Citi, StanChart, Bank of EAsia China units to provide yuan services UPDATE |
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Tue, 20 Mar 2007 13:10
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BEIJING (XFN-ASIA) - China's banking regulator announced that it has given locally incorporated units of HSBC, Citigroup, Standard Chartered and Bank of East Asia approval to provide yuan services to residents in China, once the units have registered with the relevant government authorities.The four firms' units will offer the services in Shanghai, the China Banking Regulatory Commission (CBRC) said in a statement on its website.The regulator added that another eight foreign banks, including Hang Seng Bank, Mizuho Financial Group, Bank of Tokyo-Mitsubishi UFJ, DBS Bank, OCBC, ABN Amro, Wing Hang Bank and JP Morgan have also received approval to set up China incorporated firms.Beijing issued new banking regulations last year requiring foreign banks to incorporate locally in order to provide a full range of services in the China market.Meanwhile, HSBC said in a statement that it has received final approval from the CBRC to set up a wholly owned unit on the mainland.The new entity, to be named HSBC Bank (China) Co Ltd, will be fully owned by HSBC Holdings unit Hongkong and Shanghai Banking Corp, with the latter's chairman also serving as chairman of the new company.Richard Yorke, chief executive of HSBC's China operations, will serve as president and chief executive officer of the new company.Yorke said the approval to incorporate a China unit marks a milestone in HSBC's efforts to broaden its business offerings to customers.HSBC plans to roll out a wider range of yuan services as soon as possible, he said.( 1 usd = 7.74 yuan )juan.chen@xfn.com
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HSBC, Citi, StanChart, Bank of E.Asia China units to provide yuan service-UPDATE 