HSBC, other banks mark entry into China

HSBC, other banks mark entry into China
Tags: Asia, Australia & Pacific, Bank / Credit Union, North America, Other
April 3, 2007

The Associated Press: Citigroup, HSBC and other foreign banks marked their local incorporation in China on April 2. Citigroup Inc. and Britain's HSBC Holdings PLC were among four foreign banks approved to incorporate local subsidiaries, a step toward entering China's retail-banking market. Beijing agreed to gradually open the industry to foreign competitors in 2001. Chinese law requires foreign banks to set up Chinese subsidiaries. Eight other banks, including JPMorgan Chase & Co., ABN Amro and Deutsche Bank AG, are in the process of incorporating local entities.