New bank acquisition rules announced
18 April 2008
The China Regulatory Banking Commission (CBRC) has announced a draft of new rules for acquisitions by commercial banks of domestic and overseas financial companies, state media reported. The announcement did not contain details of when the regulations, which are expected to make it easier for banks to expand into industries such as insurance, would take effect. Under existing rules, banks are not allowed to invest in non-bank financial institutions unless permitted by the state. The new rules would allow banks to purchase overseas companies with approval only from the CBRC. The likes of China Construction Bank, Bank of China, and Industrial and Commercial Bank of China have expressed interest in setting up insurance ventures.
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