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Overseas banks approved to start RMB business
www.chinanews.cn 2007-03-21 09:51:08
(Source: Xinhua)
Mar.21 – China Banking Regulatory Commission (CBRC) officially announced
on Tuesday its approval for the Hong Kong and Shanghai Banking
Corporation (HSBC), Citibank, Standard Chartered Bank and Bank of East
Asia to establish locally registered branches to operate in China.
The four overseas banks are allowed to start a full range of forex
services and RMB business, including RMB business for Chinese citizens,
with the establishment of their locally registered subsidiary banks,
though they will be mainly engaged in forex business and RMB business for
companies and institutional clients.
Foreign banks were previously prevented from offering foreign-currency
services to individuals, although they could provide both local and
foreign-currency services to enterprises.
The four banks will officially open business after their licenses have
been registered with the State Administration for Industry and Commerce.
HSBC and Citibank both intend to start operations as soon as possible.
“Today’s approval marks the beginning of an unprecedented new chapter in
Citi’s long history in China,” Citigroup’s China Chief Executive Officer
Richard Stanley said.
HSBC will appoint its Chairman Zheng Haiquan as the Chairman of the
locally registered corporation in China and the current China CEO of HSBC
Richard Yorke as the President and CEO of the new subsidiary bank.
“We are glad to get the approval from the CBRC to establish a locally
registered bank in Shanghai,” Zheng said.
China is a very important market for HSBC, and the local incorporation
will have a positive impact on the long-term development of the Chinese
financial market, according to Zhang.
Eight other banks are in the process of preparing to establish a locally
registered subsidiary bank with corporate status, an official with the
CBRC said.
They are JPMorgan Chase & Co., ABN Amro Holding N.V., Hang SengBank Ltd.,
Mizuho Financial Group Inc.’s Mizuho Corporate Bank, DBS Group Holdings
unit DBS Bank, Bank of Tokyo-Mitsubishi UFJ, Wing Hang Bank Ltd., and
Overseas-Chinese Banking Corp.
Ten out of the 12 overseas banks plan to locate their headquaters in
Shanghai, China’s financial center, while JPMorgan picked Beijing and
Wing Hang will be headquartered in the southern city of Shenzhen.
Three more foreign banks – Nanyang Commercial Bank Ltd, Citic Ka Wah Bank
Ltd., and United Overseas Bank Ltd – have filed applications with the
CBRC to establish locally registered corporations and their applications
are under consideration.
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