China gets applications from eight foreign banks for local registration

China gets applications from eight foreign banks for local registration

The Chinese banking regulatory body has said that they have received eight applications from foreign banks for local registration.

They are going to start studying these applications from tomorrow, which would become the first step in granting national treatment.

The CBRC said in a statement: “The China Banking Regulatory Commission will examine the applications carefully and make appropriate determinations.”

They had issued the new foreign bank guidelines on November 16 as the country aims to fulfill the obligations for entry into the World Trade Organization.

Some of the banks said to have applied include Citigroup, HSBC, Standard Chartered and ABN AMRO.