BUSINESS New regulations make it easier for foreign banks to do business in China

BUSINESS

New regulations make it easier for foreign banks to do business in China

CGTN

03:08, January 05, 2020

citibank reflection (ap).jpg

The Transamerica Pyramid is reflected in the window of the main branch of Citibank in the Financial District of San Francisco. (File photo: AP)

China's banking regulator unveiled revised management regulations for foreign banks to advance the opening-up of the country's banking sector and promote its high-quality development.

Foreign banks can now register and open branches on the Chinese mainland at the same time, according to the China Banking and Insurance Regulatory Commission.

The requirement on total assets for foreign banks to establish business institutions in China was eliminated, and the selection range for Chinese major shareholders of Chinese-foreign joint venture banks was widened.

The regulations delegated and adjusted parts of the approval authority regarding the qualification of directors and senior management personnel in foreign banks, as well as the opening of new branches.

Reviewed requirements relating to equity management, anti-money laundering and anti-terrorist financing were also added to the new regulations.


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