China bank regulator reaffirms foreign stake caps – Reuters

From Reuters (link)

China’s banking regulator has told Guangdong’s provincial leaders that it will not bend the rules limiting foreign investment in a Chinese lender, a senior banking official said on Tuesday.

In a litmus test of whether Beijing is willing to relinquish control over the nation’s smaller lenders, a consortium led by Citigroup has asked for a waiver of current ownership rules so it can buy 85 percent of Guangdong Development Bank.

Lai Xiaomin, director-general of the China Banking Regulatory Commission, told Reuters the agency had recently sent a notice to the Guangdong provincial government saying the “GDB case should not break the current rules”.

Open popup

Welcome back!

CDT is a non-profit media site, and we need your support. Your contribution will help us provide more translations, breaking news, and other content you love.