HSBC, Other Banks Mark Entry Into China – Elaine Kurtenbach

From the Associated Press:

Citigroup, HSBC and other banks marked their local incorporation in China on Monday, a rite of passage after years of biding their 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 . Until recently, most banks could handle only limited local and international banking.[Full text]

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