Three New Foreign Banks Permitted to Open Branches in Shanghai

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Last updated at: (Beijing Time) Wednesday, September 03, 2003

Three New Foreign Banks Permitted to Open Branches in Shanghai

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Three more foreign banks have recently been granted the right to open branches in Shanghai, raising the number of foreign licensed commercial banks in the China's business and financial center to 57, or 30 percent of the country's total.

The three new banks were the Korea Exchange Bank, the Shinhan Bank of Korea and the Rabobank Netherlands, reported the Economic Information Daily on Wednesday.

Meanwhile, another two foreign banks, one from Scotland and one from Italy, have both submitted applications for setting up similar branches also in Shanghai.

Among the 57 foreign bank branches, 26 have been granted the right to engage in foreign exchange business and the number of those conducting Renminbi business has reached 34.

Statistics show that these 57 foreign bank branches jointly enjoy over 22.6 billion US dollars of assets, 9.7 billion US dollars of credit balance and 5.5 billion US dollars of deposit balance, all accounting for more than half of the country's total foreign banking business.

Moreover, some 74 foreign financial institutions have so far established representative offices in Shanghai, according to the report. .

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