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Foreign banks on equal footing

By Li Zengxin (chinadaily.com.cn)
Updated: 2006-12-15 15:16

Related publication: Related readings: Foreign banks plan local incorporation Nation to keep preferential tax policies for foreign banks China to open renminbi business to foreign banks Regulators may relax rules for foreign banks

The China Banking Association (CBA) announced recently that foreign banks incorporated on the Chinese mainland with independent legal person status can join CBA and China subsidiaries of foreign banks registered overseas can join banking associations at the level of provinces, autonomous regions and municipalities.

CBA, founded in May 2000, is a non-profit, non-government organization, approved by the China Banking Regulatory Commission (CBRC) and registered at the Ministry of Civil Affairs, with group legal person status.

According to CBA rules, all national banking institutions and overseas financial institutions that recognize and abide by the CBA Articles of Association, upon approval by CBRC, may join CBA and become a member of the organization. All provisional and municipal banking associations that recognize and abide by the CBA Articles of Association, upon approval by CBRC, may apply to join CBA and become a candidate member.

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The full text is available in the December Issue of China Banking.