[share]More than 10 foreign banks to be incorporated in China

[thinker521]

Dec. 7, 2006 (China Knowledge) - More than 10 foreign-funded banks
have submitted their applications to be incorporated locally, said Xu
Feng, a senior official with the China Banking Regulatory (CSRC) in
Beijing on Wednesday.

He added that the names of these foreign banks will be released when
the Regulation on Administration of Foreign-funded Banks takes effect
on Dec. 11, the fifth anniversary of China's accession into the WTO,
which requires China to fully open up its banking industry to foreign
players.

Under the regulation, a locally incorporated bank will not be regarded
as a new institution. The date on which the foreign bank established
its first branch in China will instead be regarded as the beginning of
its operation.