Shanghai Daily news

Hong Kong-based Bank of East Asia plans to open three more outlets in Shanghai by the end of 2006, when China's mainland will fully open its banking industry to overseas banks.
Standard Chartered Bank said yesterday its Guangzhou branch has started operation, adding to its existing 9 branches on the Chinese mainland.
The moves by the two lenders are just an example of overseas banks hastening expansion in the mainland by adding branches as they prepare for the domestic banking sector to be fully opened by the end of next year.
BEA, a small player compared with financial giants like HSBC Holdings Plc, will open an outlet this year and two more next year, said Jeremy Tao, head of one of its two outlets in Shanghai.
It's also planning a branch in Hangzhou, Zhejiang Province, by September and a branch in Chongqing city by the end of the year.
"We had been busy preparing the establishment of these branches and they will be opening soon, right before the time when the banking regulator will allow overseas banks to offer yuan-related services," said Tao.
BEA is also talking with some mainland banks to select a local partner, said an industry source who declined to be named.
Standard Chartered said it has injected 200 million yuan (US$24.69 million) to operate its Guangzhou branch, which has been approved to provide all foreign-currency banking services.