Banking News
- Assets of overseas banks in China hit $133 bln by June
Date: 24-Sep-2007 Sources: (Xinhua Online)
BEIJING, Sept. 22 (Xinhua) -- The total assets of overseas banks in China have reached 133 billion U.S. dollars with 364 domestic outlets opened in 25 cities by the end of June, according to statistics from China's banking regulator.
Since China fully opened its banking sector to foreign banks last December, overseas banks have made great progress in business, opening 95 new outlets in the January-June period, said China Banking Regulatory Commission.
Many overseas banks applied for registration of locally incorporated banks in China as required by regulations issued last December for foreign financial institutions to initiate Renminbi retail business.
China's banking regulator has so far approved 21 such applications.
After foreign institutional investors were allowed to invest in Chinese banks in 1996, 33 overseas banks have acquired stakes in 24 Chinese banks.
'Overseas banks have already become an important part of Chinese banking system,' said Liu Zhangjun, vice president of China Banking Association (CBA), a self-regulatory organization in the banking sector.
The organization set up a working committee for overseas banks on Friday, with Hong Kong and Shanghai Bank of China (HSBC) elected as the directing organization among nine overseas banks joining the committee, all of which have been locally incorporated.
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