By Journal of Financial Regulation and Compliance, Keasey, Kevin.; Cai, Charlie
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Additional resources for Asian Financial Markets
The number of branches and subsidiaries of foreign banks increased to 254 by the end of 2006. 463 billion at the end of 2007. A total of 154 foreign banks have received license to conduct RMB business across 25 Chinese cities. A total of 25 foreign financial institutions have acquired minority equity control of 20 domestic Chinese banks (China Financial Stability Report, 2006) by the end of 2005. Full market liberalization since 2007 certainly brings far-reaching implications to foreign banks. A number of banks such as HSBC, Standard Chartered, Citibank and Bank of East Asia have been fully prepared to engage in consumer RMB banking services.
Foreign banks also target the inner regions as the second step long-term business expansion once they establish their footholds in SEZs and financial centres. For instance, Standard Chartered Bank initiated a project to provide loans of small amount to cotton peasants from Xinjiang Autonomous Region. HSBC opened its presence in rural areas of Hubei province and Chongqing municipality city to provide loans for peasants and township enterprises. Foreign banks have a competitive edge in both retail and corporate banking in the areas of financial soundness, risk management and financial innovation which constitute the key ownership advantages.
However, during the initial five years of China’s WTO accession, the PBOC (The people’s Bank of China central bank) tightly controlled the business scope, type and currency of products and services, operational volume, customer base, number of branches and location of foreign bank operations. The main barriers are likely to be the minimum two-year operation in China (three years for conducting RMB business) prior to formation and the one-year mandatory waiting period for establishing additional branches.
Asian Financial Markets by Journal of Financial Regulation and Compliance, Keasey, Kevin.; Cai, Charlie