Four foreign banks get key approval

The China Banking Regulatory Commission approved the local
incorporations of four foreign banks, in a move that brings HSBC,
Standard Chartered, Citigroup and the Bank of East Asia closer to
retail customers. The approval will allow the banks to establish local subsidiaries but it is not yet clear when the banks
will be allowed to accept yuan deposits from Chinese citizens, the Wall Street Journal
reported. Standard Chartered, which applied first,
said it intends to complete the process next month. Beijing said a year ago it would require foreign banks in
China to operate through locally registered subsidiaries. The move is part of the opening of the country's banking sector to foreign competition, a stipulation of its WTO entry.