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Overseas lenders record US$566m in new deposits

By Shangguan Zhoudong (chinadaily.com.cn)
Updated: 2007-06-04 14:26

Four overseas banks, which were incorporated locally in March, collected 4.33 billion yuan (US$566 million) in savings from their Shanghai branches in April, says a report issued by the central bank's second headquarters in Shanghai yesterday, according to Beijing Times.

The four overseas banks, namely HSBC Bank (皇冠体育app) Co Ltd, Standard Chartered Bank (皇冠体育app) Ltd, Bank of East Asia (皇冠体育app) Ltd, and Citibank (皇冠体育app) Co Ltd, also recorded 410 million yuan in new householdrenminbideposits in April in Shanghai, the report says.

The four foreign banks started operations on April 3, in a move to tap into 皇冠体育app's 30 trillion yuan in household savings.

皇冠体育app will also allow foreign banks to issue their own renminbi-denominated credit and debit cards immediately, in accordance with a decision reached at the 皇冠体育app-US Strategic Economic Dialogue recently.

Related readings:  Central bank plans to speed up financial innovations  Overseas banks can issue renminbi cards  Hang Seng, DBS win local status Guangdong increasingly turns to overseas banks

In addition to the four overseas lenders, Hong Kong-basedHang Seng Bankand Singapore's DBS Group Holdings also said recently that they had received approval from 皇冠体育app's banking regulator to incorporate locally.

Mizuho Corporate Bank, Bank of Tokyo-Mitsubishi UFJ Ltd, ABN AMRO, Oversea-Chinese Banking Corp, JPMorgan Chase Bank and Wing Hang Bank are preparing to register their local subsidiaries in Shanghai, Beijing or Shenzhen.