Charles Li Involved in J.P. Morgan China Hiring
Email correspondence uncovered from an ongoing investigation into the China hiring practices at...
foreign banks
Beijing’s Pressure Tactics in Hong Kong
This week Beijing released a key policy document known as the “white paper” that...
Chinese Official Made Hiring Plea to JP Morgan CEO
Continuing an investigation into the China hiring practices at JP Morgan, which began late last...
ICIJ Discloses 37,000+ Names of Offshore Clients
Following the leaks of offshore holdings of “dozens of powerful Chinese financial and...
On Defensive, JPMorgan Hired China’s Elite
The New York Times has continued their investigation into a program at JP Morgan through which the...
Foreign Banks Enter Fresh Fields in China – Jamil Anderlini
From The Financial Times: Citibank , Standard Chartered and Bank of East Asia are all seeking to follow the lead of HSBC , which in August secured a licence to set up a rural bank branch in the Chinese hinterland. Allowing foreign banks to offer their services to more than 750m Chinese peasant farmers is […]
HSBC, Other Banks Mark Entry Into China – Elaine Kurtenbach
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 […]
Warning to Foreign Banks in China – Sundeep Tucker
From Financial Times: Intense competition in China could prevent foreign banks from profiting from their investments in credit card and mortgage ventures for another 10 years, according to a KPMG report. More than 70 overseas banks now operate in China, having invested billions of dollars in the sector over the past five years. Several have […]
China to Let 9 Foreign Banks Incorporate, in Step Toward Retail Business – AP
From AP via International Herald Tribune: Nine foreign banks took a key step Sunday toward breaking into the Chinese retail banking industry, receiving permission to become the first international lenders to incorporate in China under World Trade Organization market-opening pledges. The banks’ local units, once incorporated, will be able to take the final step of […]
Open Season: Foreign Banks Eye China – BusinessWeek
From BusinessWeek: China is poised to liberalize entry into its banking market. A new world of opportunities and irritations awaits lenders both foreign and domestic Come mid-December, any Chinese person, whether he be in Xi’an, Shanghai or Shenzhen, will be able to walk into a local branch of a foreign bank and open up a […]
Morgan Stanley Becomes the First Foreign Bank Doing Renminbi Business in China
Morgan Stanley will become the first foreign bank being allowed to do renminbi business in China, Financial Times reported. In order to protect local banks from foreign banks, which are usually much more competitive and market-oriented, Chinese monetary authorities banned foreign banks from offering renminbi-denominated products. Morgan Stanley will be qualified to apply for a […]
China Defends Draft Bank Rules – Rick Carew
From The Wall Street Journal: Draft revisions to rules governing foreign bank operations in China are intended to protect Chinese depositors as the country opens its retail market to foreign lenders at the end of this year, a banking regulator told a local financial publication Thursday. The proposed revisions have prompted concern among some analysts […]
China’s Foreign-Bank Rules Set For Change Amid Concerns – Rick Carew
From The Wall Street Journal: Revised rules that have stirred concern about foreign bank operations in China are expected to be issued by the State Council, China’s cabinet, in November and may take effect around Dec. 21, a foreign bank official said Friday. The proposed rules have prompted concern as they will force foreign banks […]
Regulator approves foreign bank branches in northeast China – Xinhua
From Xinhuanet (link) Sixteen foreign banks have received approval to offer financial services in northeast China, said the China Banking Regulatory Commission (CBRC) in a statement on Thursday. Nine banks have been allowed to set up branches and seven others have been given the green light to have representative offices in northeast China. The Hongkong-Shanghai […]
Feeding frenzy for overseas banks
From Asia Times Foreign investments into Chinese commercial banks, which began just a few years ago, have accelerated to a frantic pace in recent months, with record-shattering deals being announced seemingly almost weekly. Three of the four big state-owned commercial banks (SOCBs) that acquired foreign funding – Bank of China (BOC), China Construction Bank (CCB), […]
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