9 foreign banks get incorporation OK
25/12/2006 17:42
Shanghai Daily news
HSBC Holdings Plc, Citigroup Inc and seven other foreign banks have won
approval to prepare for local incorporation in China. The lenders control 34
percent of the branches set up by foreign banks in the country, the China
Banking Regulatory Commission said in a statement on its Website. The others are
Standard Chartered Bank, Bank of East Asia Ltd, Hang Seng Bank Ltd, Mizuho
Corporate Bank Ltd, Bank of Tokyo-Mitsubishi UFJ Ltd, DBS Bank Ltd and ABN Amro
Bank NV. Standard Chartered issued a statement saying that it will now proceed
with preparatory work, working closely with the regulator.
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