China Banking Regulatory Commission approves nine foreign-funded banks

China Banking Regulatory Commission approves nine foreign-funded banks

The Chinese Banking Regulatory Commission (CBRC) has announced that they have now approved nine foreign-funded banks to operate in the region.

With this, these banks can transform their Chinese branches into locally incorporated banks registered in the country.

The banks which are now approved are Standard Chartered Bank, the Bank of East Asia, the Hongkong and Shanghai Banking Corp., the Hang Seng Bank, the Mizuho Corporate Bank, the Bank of Tokyo-Mitsubishi UFJ, the DBS Group, Citibank and the ABN Amro Bank.

Market sources say that these nine banks accounted for 34 percent of all the branches run by foreign-funded banks in China by September 2006.

As per the regulations, the government would treat the foreign-funded banks the same as domestic ones.