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Overseas banks near approval

Foreign banks including HSBC and Citigroup Inc have applied for final approval to incorporate in Shanghai. 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." Trackback(0) TrackBack URI for this entry Comments (0) Subscribe to this comment's feed Show/Hide comments Write comment Show/Hide comment form Name Email Website Title Comment Write the displayed characters Add Comment Copyright 2007. All Rights Reserved.

 

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