XIAMEN FIT IMPORT & EXPORT CO., LTD.
20 more foreign banks to incorporate locally by 2007
click rate:2665 issue time:2007-03-10 08:12


Feb. 9, 2007 (China Knowledge) – China may allow another 20 foreign banks to incorporate locally this year. Banking industry sources said the China Banking Regulatory Commission (CBRC) could approve the local incorporation of another 10 foreign banks as early as next month.


The CBRC is also expected to give the go-ahead to another 10 banks in the second half, taking the total number of foreign banks to receive the approval to about 30, sources told the South China Morning Post.


Banks expected to receive the green light next month for local incorporation include JPMorgan, Deutsche Bank, South Korean lender Hana Financial Group and Singapore's Overseas-Chinese Banking Corp., sources added.


JPMorgan and Hana confirmed they had applied with the CBRC for local incorporation but did not say when they expect to get the approvals. CBRC and other banks declined comment.