China Information

Thursday, January 18, 2007

Seven banks including HSBC apply for opening branches in the rural area

Not only the Chinese banks, but also foreign financial institutions including HSBC and Standard Charter are interested in building network in the rural area.On January 16, at the "working conference of adjustment & relaxation of access policy to experimental rural area by banking and financial institutions",vice president of China Banking Regulatory Commission (CBRC) Tang Shuangning said up to now CBRC had received application from seven banking and financial institutions for setting up experimental banking and financial institutions in the rural area.In addition, Tan Shuangning noted that foreign financial institutions including HSBC, Standard Charter and Grameen Trust Company also expressed their intention to set up banking and financial institutions in China's rural area.

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