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Six foreign-funded banks have officially applied to set up local incorporations, choosing Beijing as their headquarters.

The banks are JPMorgan Chase, Hana Bank, Shinhan Bank, Woori Bank, Deutsche Bank and Societe Generale.

JPMorgan Chase has completed the procedures and the new local incorporation consists of branches in Beijing and Shanghai.

The investment bank told the Beijing News that it would not branch into retail business for individual clients and thus would not establish retail outlets.

The newspaper said that the Woori Bank of the Republic of Koreaand Deutsche Bank have already been approved to set up local incorporations by the China Banking Regulatory Commission. Both banks showed willingness to expand their retail businesses.

More foreign-funded banks are considering the registration of locally incorporated banks in China.

In accordance with the Regulation of the People's Republic of China on the Administration of Foreign-funded Banks, foreign financial institutions must register locally incorporated banks toinitiate Renminbi retail business.

Nine foreign-funded banks including Citibank, the Standard Chartered, and the HSBC have set up their locally incorporated banks with headquarters based in Shanghai.