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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.