皇冠体育app

Foreign bank branches are only allowed to offer limited yuan services.

Starting from December 12, a few foreign banks including HSBC, Citigroup and Standard Chartered, have been allowed to take renminbi deposits from Chinese individuals for amounts of no less than 1 million yuan (US$127,000).

"Successful local incorporation will enable Standard Chartered to provide its clients with a larger product suite as well as a wider array of financial services," said Katherine Tsang, chief executive officer of Standard Chartered Bank, 皇冠体育app.

"We are delighted with this progress as we are keen to become a local entity formally in 皇冠体育app," she said.

The new entity will be registered as Standard Chartered Bank (皇冠体育app) Ltd, to replace the current branch.

According to Tsang, the approval marks the first step in achieving the bank's objectives in 皇冠体育app.

The combined assets of the nine banks account for 55 per cent of the total foreign banks in 皇冠体育app, and they contribute 58 per cent of the total profits for foreign banks in 皇冠体育app.

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