China Information

Monday, December 25, 2006

Japanese-invested Bank Officially Applied to Found a Corporate Bank in China

According to a report in Japanese Economic News, with full opening of RMB business of China to foreign-invested banks, Japanese Mizuho Corporate Bank and Bank of Tokyo-Mitsubishi UFJ will apply formally to set up corporate banks in China one after another. As reported, on the first effective day of Chinese Regulation on Administration of Foreign-invested Banks in addition to Mizuho, there were other foreign-invested banks, such as HSBC, Standard Chartered Bank and Citibank that also applied to establish corporate banks. Mizuho planned to newly establish a solely owned “Mizuho Corporate Bank (China)” in Shanghai, integrating its branches in Shanghai, Beijing, Dalian, etc. It will start running as a branch of Mizuho China Bank by Jun. next year upon completion of restructuring.

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