Hong Kong and Shanghai Bank (HSBC) is in talks to acquire a minority stake in the Bank of Shanghai, the Financial Times reported. HSBC said that any deal would be subject to regulatory approval and final agreement on the terms. Meanwhile, Citibank is in preliminary talks to take a 15 per cent stake in the […]
Category: Banking & Finance
The People’s Bank of China has drawn up a timetable for the lifting of geographic restrictions on foreign bank branches after China joins the World Trade Organisation, People’s Daily said. Upon accession, foreign banks will be allowed to operate in Shenzhen, Shanghai, Dalian and Tianjin. Thereafter, year by year, the number of cities will be […]
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Chinese banks not ready for WTO
Chinese banks are not ready for the competition they will face from foreign banks that will come after China’s accession to the World Trade Organisation, said Liu Mingkang, chairman of the Bank of China. China’s banks still face severe problems in their standards of governance and risk management and their levels of governance, profits and […]
China’s second largest brokerage, Guotai Junan Securities, plans to set up a joint venture fund management company with German insurer Allianz, South China Morning Post said. The two sides have signed a memorandum of understanding to set up a working party to study the issue. Guotai Junan would also sign an agreement to transfer to […]
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Market to be open after WTO
Laura Cha, vice chairwoman of the China Securities Regulatory Commission, revealed that China’s domestic share market will be opened to foreign investors by allowing them to buy into funds investing in A-shares after China becomes a member of the World Trade Organisation. Market regulators have said that they would allow foreigners restricted access to the […]