Banking News
- Liaoning News
Date: 28-Feb-2007 Sources: (People's Daily)
East Asia Bank's (EAB) 13th Chinese branch began trial operation on Monday in Shenyang, the capital city of northeast Liaoning Province.
But the branch will not be allowed to offer RMB business until it finishes its transformation into a locally incorporated bank under the new regulations issued by the China Banking Regulatory Commission (CBRC) in November 2006.
A total of nine EAB branches on the Chinese mainland were authorized by CBRC to offer Renminbi retail business to individuals last December.
Up to nine foreign-funded banks, including the Standard Chartered Bank and HSBC, have been given permission by the CBRC to transform their Chinese branches into locally incorporated banks registered on the mainland.
China opened its banking sector on Dec. 11, 2006 by allowingforeign-funded banks to conduct Renminbi business for Chinese citizens in line with its commitments to the World Trade Organization.
As the fifth largest bank in Hong Kong, EAB saw its net profits surge 24.9 percent year-on-year to 3.43 billion Hong Kong dollars last year.
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