Subscribe to free Email Newsletter  
 
 
   

China pushes foreign banks to be locally incorporated

(Xinhua)
Updated: 2008-03-06 20:45

BEIJING -- China's banking regulator said it would continue to push for the local incorporation of foreign banks here on Thursday.

China Banking Regulatory Commission (CBRC) also urged locally incorporated foreign banks to build a so-called Chinese Wall separating themselves from parent banks and remaining Chinese branches. They should also set up independent risk control, accounting and IT system to prevent overseas risk overflow, a statement on its website said.

The CBRC will "pay close attention to the branches and subsidiary institutions of the subprime-affected foreign banks, and take more prudent supervision measures," said the statement.

Foreign banks have been increasing steadily in assets, profit, deposits and loans. Outstanding non-performance loans were reduced by 45 million US dollars year-on-year, said the statement.



Your comments: All the comments
Comment here(Only English)    Your Name:
Top China News  
Today's Top News  
Most Commented/Read Stories in 48 Hours
   
Copyright 1995-2007. All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form.
Note: Browsers with 1024*768 or higher resolution are suggested for this site.
Registration Number: 20100000002731