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Foreign banks including HSBC and Citigroup Inc have applied for final approval to incorporate in Shanghai, China.

 

HSBC and Citigroup have completed internal preparations and received a positive report from the China Banking Regulatory Commission on March 2. HSBC and Citigroup were two of the first overseas banks to file on Monday for final regulatory approval.

 

"We invested significant resources in the preparation work as we regard local incorporation as a very positive development for China's banking sector," said Richard Yorke, chief executive officer of HSBC China. "We look forward to incorporating our China business in Shanghai upon receiving the final approval from the CBRC."

 

Sources said Bank of East Asia and Standard Chartered Bank have also received positive reports from the regulator's inspection.

 

In December, the first batch of nine overseas banks including Hang Seng Bank, Mizuho Corporate Bank, Bank of Tokyo-Mitsubishi UFJ, DBS Bank and ABN Amro Bank N.V. applied to incorporate in Shanghai.

 

Lenders such as ABN Amro expect an inspection in two weeks.

 

Hang Seng Bank's mainland subsidiary is expected to set up in the first half of this year, said Johnson Fu, the bank's head of China business.

 

Overseas banks can tap a full array of retail yuan services including ATM cards after incorporating locally with registered capital of one billion yuan (US$129 million).

 

Banks including HSBC and Citigroup have taken a two-tiered approach to expansion in China. First, they purchased strategic stakes in domestic lenders, and now are looking at organic growth.

 

Citigroup works with Shanghai Pudong Development Bank on credit cards.

 

Overseas banks that don't incorporate locally will need three times more capital to offer yuan services to customers. Also, those banks can only take fixed deposits of one million yuan or more. This limits their retail yuan business.

 

(Shanghai Daily March 7, 2007)