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More foreign banks get nod for branches

China has approved the establishment of branches of several overseas banks in its latest effort to open up the financial sector. The China Banking and Insurance Regulatory Commission approved the application of Arab Bank to step up a branch in Shanghai, and the application by CTBC Bank for a branch in Shenzhen, the regulator said on Wednesday on its website. A subbranch 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.

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