www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

   

Foreign banks plan local incorporation

By Zhang Ran (China Daily)
Updated: 2006-11-17 06:47

Song Dahan (second from left), vice-minister of the State Council Legislative Office, talks to journalists at a press conference yesterday where new rules on foreign-funded banks' operations in China were announced.
Song Dahan (second from left), vice-minister of the State Council Legislative Office, talks to journalists at a press conference yesterday where new rules on foreign-funded banks' operations in China were announced.  [newsphoto]


China's announcement Thursday that foreign banks can soon deal in renminbi retail business has prompted a flurry of international lenders to announce their plans to incorporate in China. [Read full text of the regulation]

The rule, which marks the implementation of one of China's banking commitments to the World Trade Organization (WTO), allows foreign-funded banks to deal in the renminbi retail business across the country after December 11.

Related Readings:
 China to open RMB business to foreign banks 
 Overseas banks to deal in renminbi
  China issues rules on foreign banks
  Citigroup wins battle for China bank
 
IBM in 'bid for China bank'
  Foreign banks share RMB profits
  Foreign banks need to be 'local'
In order to better protect the interests of domestic depositors, the Chinese Government is encouraging foreign banks to incorporate locally when dealing in renminbi retail business.

The release of the rule yesterday was welcomed by foreign banks, with a few immediately announcing they are ready to become among the first to incorporate in China.

According to Xu Feng, the director in charge of overseeing foreign banks for the China Banking Regulatory Commission (CBRC), more than 10 foreign banks are ready to change their branches to local corporations following the issuance of the rules.

Foreign lenders including HSBC, Standard Chartered, Bank of East Asia, and Hang Seng Bank have all expressed their willingness to transfer operating branches into locally registered corporations.

"It is a historic milestone to mark the fifth anniversary of China's entry into the WTO and its commitment to fully open the financial market," said Richard Yorke, China CEO of HSBC.

"We believe that local incorporation will enable us to further expand our network and service range, in particular our renminbi financing ability for the benefit of our customers in the China market," he said.

HSBC, Europe's largest bank, is aimed to become one of the first to incorporate in China based on its experience in other countries.

Katherine Tsang, CEO of Standard Chartered Bank China also announced the bank had submitted its application to China's banking regulator for local incorporation yesterday.

Hang Seng Bank said it planned to invest more than HK$1 billion (US$128 million) to expand its mainland network and service capabilities, including increasing its number of outlets to 30 from 15 by the end of 2007.

"The total assets of those banks who are willing to transfer to local corporations are accounting for 60 per cent of the combined assets of foreign lenders in China," said CBRC's Xu.

According to Wang Zhaoxing, assistant chairman of the CBRC, in order to lower the time and cost of local incorporation, the government will try to guide foreign banks. The procedure will normally take one to three months, Wang said.

Not an immediate threat

Though foreign banks are likely to siphon off renminbi services from local banks, which have grown by an annual average of 2 trillion yuan (US$246 billion) in recent years, experts say they won't pose an immediate threat to domestic banks.

Wang Yu, a 40-year-old lawyer who has years of experience overseas, said he does not plan to deposit most of his earnings into foreign banks.

"Currently the service in domestic banks are almost at the same level with those of foreign banks, and I don't feel there is a need to change my bank," he said.

He did say he would consider buying a few wealth management products from foreign banks once they start dealing in renminbi.

"Foreign banks are more sophisticated in providing wealth management service," Wang said.

A recent AC Nielsen survey said Chinese customers are increasingly interested in foreign bank services, especially young people.

But Yi Xianrong, a researcher from the Chinese Academy of Social Sciences, says Chinese banks already have a strong hold on the market. "Local banks have already built a nationwide network across the country, making it hard for foreign banks to compete," Yi said.

Deng Chun, vice-president of Bank of Communications, said he expects "there will be more co-operation than competition" between foreign and domestic banks.

However, analysts pointed out that foreign banks might encounter conflicts in their business strategies. In recent years, international banks have become strategic investors in Chinese banks. Now, they will be in direct competition with those banks.

HSBC, which holds a 19.9 per cent stake in Bank of Communications (BoCom), helped the Chinese bank establish a credit card centre in October 2004.

Now, as the foreign bank expands its own network in the country, analysts worry HSBC will siphon clients away from the card centre.

"I'm afraid with HSBC's expanding of its own operating branches in China it is not likely to share its clients with BoCom, especially from the high-end clients," said She Minhua, a banking analyst at CITIC China Securities.

Shanghai is 'the first choice'

With yesterday's announcement, Shanghai is expected to get the largest benefit from foreign banks locally incorporating.

Foreign banks currently concentrate their business in the country's eastern areas such as Shanghai, Shenzhen, Beijing and Guangzhou.

Statistics from the CBRC shows the number of foreign bank branches and bank corporations in Shanghai totalled 60. The overall number of foreign banks and non-bank financial institutions have reached 103 in the city.

Shanghai has 30 per cent of all foreign banking institutions, which accounts for 55 per cent of its total business revenue.

Now, Citibank, HSBC, Standard Chartered Bank, Bank of East Asia, and Hang Seng Bank all said they were considering setting up headquarters in the country's largest city.

Some foreign firms have expressed concerns that incorporation in Shanghai may take a long time due to complex legal procedures.

In response, the local government established a special financial office to help foreign banks efficiently incorporate.



Top China News  
Today's Top News  
Most Commented/Read Stories in 48 Hours
主站蜘蛛池模板: 在线91精品国产免费 | 色琪琪一本到影院 | 国产成人精品午夜二三区 | 久草精品免费 | 小明台湾成人永久免费看看 | 免费一级毛片在级播放 | 国产亚洲欧美视频 | 看全色黄大色黄大片女图片 | 自拍自录videosfree自拍自录 | 久久99国产精品一区二区 | 中国一级做a爰片久久毛片 中日韩欧美一级毛片 | 日本一本久道 | www欧美在线观看 | 日本加勒比网站 | 99www综合久久爱com | 成人看的一级毛片 | 国产亚洲欧美日韩在线观看一区二区 | 欧美特级毛片aaaa | 久久精品夜色国产 | 亚洲欧美另类日本久久影院 | 亚洲第一区视频在线观看 | 99视频精品全部 在线 | 中文字幕在线免费观看 | 免费五级在线观看日本片 | 97青草香蕉依人在线播放 | 色视频在线观看视频 | 成 人 亚洲 综合天堂 | 亚洲人成网7777777国产 | 成人免费手机在线看网站 | 免费一级成人免费观看 | 亚洲黄色性视频 | 国产午夜精品久久理论片 | 亚洲在线一区二区三区 | 成人69视频在线观看免费 | 国产免费一级在线观看 | 五月六月伊人狠狠丁香网 | a毛片在线播放 | 国产一区二区三区视频在线观看 | 亚洲天堂在线观看视频 | 毛片直接看 | 久草视频免费在线观看 |