In June, HSBC became the first bank to own 51 per cent of its mainland joint venture, under the Closer Economic Partnership Agreement. Photo: AP

Foreign banks praise new rules that remove China ownership handicap

Friday’s announcement that China will allow foreign banks 51pc control of their mainland joint ventures draws praise, cautious optimism

Topic |   Banking & Finance

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In June, HSBC became the first bank to own 51 per cent of its mainland joint venture, under the Closer Economic Partnership Agreement. Photo: AP
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