More than 10 foreign lenders have expressed an interest in setting up new local operations in China following the release of new rules governing foreign-funded banks.

Foreign banks which have shown an interest to transfer their operating branches into locally registered corporations include HSBC, Standard Chartered, Bank of East Asia, and Hang Seng Bank. The total assets of those banks account for 60 percent of the combined assets of foreign lenders in China.

Standard Chartered confirmed it had submitted an application to the banking regulator to establish a locally incorporated subsidiary bank in China and another one for a retail yuan business license. "We are pleased about the announcement as we are actively interested in the opportunity to locally incorporate our business in China," Standard Chartered Bank China chief executive officer Katherine Tsang said in a statement.

Both of the two applications were submitted Thursday morning, about the same time the new rules were formally announced at a government press conference.

The new rules, taking effect on December 11, will allow foreign banks access to access the local currency retail market and subject them to the same regulatory requirements as that of local banks.

Source:佚名