China approves set-ups of branches of overseas banks

BEIJING - China approved the establishment of branches of several overseas banks in its latest effort to open up financial sectors.

The China Banking and Insurance Regulatory Commission (CBIRC) approved the application of Arab Bank for setting up a branch in Shanghai, and the application of CTBC Bank for establishing a branch in Shenzhen, the regulator said Wednesday on its website.

A sub-branch of the Bank of East Asia in Shenzhen is to be upgraded into a branch, while subsidiaries of Chang Hwa Bank and Cathay United Bank in the Chinese mainland were allowed to open for business.