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Foreign banks go local today
www.chinanews.cn 2007-04-23 09:33:57
Apr.23 - Four foreign banks will provide retail yuan services to people
across China from today, China Daily reports.
HSBC, Citigroup, Standard Chartered Bank and the Bank of East Asia passed
the regulator's audit last Thursday and now have unlimited access to the
country's $2-trillion domestic household savings.
The banks, however, have said they mainly intend to promote wealth
management services and target China's wealthier customers.
Domestic lenders, trying to fend off competition in the retail market,
are also stepping up their efforts to court higher-end customers with
services such as private banking.
The four overseas institutions have more than 100 outlets across China.
They said over the weekend that their Shanghai branches would offer full
yuan services from today while others are expected to do so shortly.
In addition to wealth management, the four banks can now provide a wide
range of services, including mortgage loans.
They could also expand their funding sources for corporate banking
business by gaining access to personal savings and inter-bank borrowing.
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��Foreign banks to launch RMB service in April
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