S&P: FOREIGN BANKS WILL TAKE 5YS TO MAKE PROFIT IN CHINA
AsiaInfo Services, December, 2006
AsiaInfo Services 12-04-2006 S&P: Foreign Banks Will Take 5Ys to Make Profit in China BEIJING, Dec 04, 2006 (SinoCast via COMTEX) -- Standard & Poor's, a global leading provider of indices, credit ratings, and investment research, forecasts that foreign bank will start making profits five to six years after they enter China. At the end of 2006, China will fully open up its financial market to foreigners and Standard & Poor's published a report on how much foreign banks will benefit from the lower threshold.
Some of the foreign banks have already extended reaches into the country by far. Citibank and Hong Kong and Shanghai Banking Corporation announced recently that they would covert their branches in China mainland to locally registered subsidiary...
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