cbrc studies eight bids for china incorporation
China's banking regulator said it has received eight applications from foreign banks for local registration, which it would begin processing today, a first step in granting national treatment.
'The China Banking Regulatory Commission will examine the applications carefully and make appropriate determinations,' the CBRC said on its website yesterday.
Under the new rules, foreign banks seeking local incorporation must have paid-in capital of one billion yuan.
Citigroup, HSBC, Standard Chartered and ABN Amro are known to have submitted applications.
Regulators will decide on the applications within six months, although they can extend the decision for another three months. Reuters
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