Banks incorporated into local market
4 April 2007
Citigroup, Hong Kong's Bank of East Asia, and Britain's HSBC and Standard Chartered have begun to provide retail loans to local Chinese in a bid to increase their presence in the key Asian market. The banks began to offer a more extended range of yuan-denominated services in Shanghai, as part of new regulations that have opened the Chinese banking market to foreign competition, AFP reported. Altogether four foreign banks won regulatory approval last week to incorporate locally in China, allowing them access to China's two trillion dollars of household savings. Beijing agreed to open up the tightly held industry when it entered the World Trade Organization in 2001.
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