From the Associated Press:
Citigroup, HSBC and other foreign banks marked their local incorporation in China on Monday, a rite of passage after years of biding their time on the sidelines of one of the world’s fastest growing financial markets.
Citigroup Inc. and Britain’s HSBC Holdings PLC were among four foreign banks approved to incorporate local subsidiaries, a step toward entering the local retail banking market. Until recently, most banks could handle only limited local currency business and international banking.[Full text]