Six more foreign banks apply for local incorporation in China

0 Comments | AFP, December, 2006

BEIJING (AFP) — Societe Generale of France and Japan's Sumitomo Mitsui Banking Corp are among six foreign banks that have applied for local incorporation in China, state media has said. The six filed their applications just days after a first batch of nine foreign banks received permission to incorporate locally, the China Daily reported.

The newspaper did not disclose the names of the four other banks that had handed in their applications to the China Banking Regulatory Commission. New regulations that took effect on December 11 allow foreign banks to conduct local currency business with Chinese citizens with few limitations provided they incorporate locally. Failure to incorporate locally means the banks can only deal with the largest of clients, as the minimum deposit...