China's banking regulator has so far given the nod for 116 overseas banking institutions to conduct renminbi-denominated business as it opened the industry wider to foreign rivals.

Another eight overseas banking institutions have won the go-ahead for the business, including the Hong Kong and Shanghai Banking Corporation, Standard Chartered and Bank of East Asia, since the country allowed overseas banks to set foot in five more cities including Beijing last December, the China Banking Regulatory Commission said on Monday.

Overseas banks are seeking partners in China as the nation opens up its financial services sector under provisions of its entry in the World Trade Organization in December 2001.

US equity fund Newbridge Capital last year paid 145 million dollars in a deal to buy 17.89 percent of China's Shenzhen Development Bank.

HSBC Holdings, Europe's biggest bank by market value, agreed last August to acquire 19.9 percent of Shanghai's Bank of Communications, the country's fifth-biggest lender.

Bank of Nova Scotia won approval last September from Chinese regulators to raise its stake in Xi'an City Commercial Bank to as much as 12.5 percent.

Overseas investors will be able to hold a combined 25 percent stake in a Chinese bank as a ceiling set by the regulator.