On Thursday, HSBC Bank (China) Co. Ltd, Standard Chartered Bank (China) PLC, Citigroup Inc (China), Bank of East Asia (China) Ltd. were given a business license for enterprise corporation by the Shanghai Administration of Industry and Commerce.

These are the first foreign-owned banks to acquire legal status as corporate banks in China since the regulations on the management of foreign banks were published. These four foreign-owned corporate banks will have the same status as local corporate banks and will be engaged in all financial business, including RMB business on the Chinese mainland.

With this license, foreign-owned corporate banks will be authorized to accept deposits from the public, issue short, medium and long-term loans, accept bills, trade government bonds, financial bonds, and other foreign currency portfolio except stocks, and do foreign and domestic settlements.

RichardYorke, the CEO of HSBC Bank (China), said that HSBC's corporate bank will open officially at the beginning of April, and will start up RMB personal business shortly after it is authorized to do so by the administrative department.

By People's Daily Online