China eases restrictions on foreign banks in west
23 September 2005
China's banking regulator is easing investment restrictions on foreign banks in the country's western region in a bid to combat the region's poverty, Agence France Presse reported, quoting a China Banking Regulatory Commission official who said "foreign banks may (now) directly apply for the establishment of operational branches in western China without the need of opening representative offices there first". Presently, foreign banks must maintain a representative office in a Chinese city for two years before it can open a full-service branch. Dutch bank ABN Amro has filed an application to open a branch in the western city of Chengdu, which would make it the first foreign bank to directly set up shop there, if approved.