From International Herald Tribune:
Bank of America and other foreign institutions that have invested a combined $13 billion in China’s banks will be required to hold their shares for at least three years and will not be allowed to buy stakes in more than two lenders, an official of the banking regulator said on Wednesday.
The restrictions, in addition to an existing cap of 25 percent on foreign ownership, are aimed at safeguarding financial stability and preventing overseas dominance of the banking industry, Tang Shuangning, vice chairman of the China Banking Regulatory Commission, said in a speech in Beijing.
