China Information

Saturday, January 13, 2007

Foreign banks continuously expand their China networks

Entering the New Year, foreign banks continue to expand their networks in inland China. On January 10, HSBC set up its first sub-branch in Qingdao, and on the same day, Citibank Group got the approval of China Banking Regulatory Commission and opened a new branch in Hangzhou.2007 will be a year in which China completely opens its financial market. At the beginning of the year, news of China's banking reorganization for public offer comes one after another. On January 9, the interim shareholder's meeting of Bank of Communication passed the resolution to issue A shares of up to 4.5 billion shares most likely in the first quarter; preparation for the issue of China Minsheng Bank's H share, China Citic Bank's A and H shares and Industrial Bank's A share is actively underway. And for foreign banks, the year will become the "rush hour"for their network development and regional layout.

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