Business Services Industry
News: China awards Citibank QFII custodian licence.(qualified foreign institutional investors )(Brief Article)
Financial Times Mandate, April, 2003
Citibank has been granted a licence to provide custodian services in mainland China to qualified foreign institutional investors (QFIIs).
The approval from the China Securities Regulatory Commission (CSRC) and State Administration of Foreign Exchange (Safe) follows consent from the People's Bank of China in January.
QFIIs are overseas fund management companies, insurance companies, securities companies or commercial banks which are authorised by China's regulators to invest in A-shares and treasury bonds listed on the Shenzhen and Shanghai stock exchanges.
Richard Ernesti, region head of Citibank Global Securities Services, Asia, said: "Citibank has worked with clients in preparing QFII documentation and is now submitting QFII applications to...
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