Banking News
- Govt. amends rules for commercial banks
Date: 10-Jan-2007 Sources: (Shenzhen Daily)
THE government will no longer require new joint-stockholding commercial banks to have foreign strategic investors when they are set up, an official in the banking regulator's press office said yesterday.
The China Banking Regulatory Commission (CBRC) will soon issue the amended rules for setting up stockholding commercial banks. Early last year, the CBRC issued rules for setting up financial institutions that made having a foreign strategic investor a condition for the establishment of joint-stockholding commercial banks. In the rules issued last year, the 25 percent ceiling on total foreign ownership of a Chinese bank, and the 20 percent cap on a single foreign investor's holding of a Chinese lender remained unchanged.
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