Local bank entities throw open their doors

And as HSBC and Citigroup opened their local operations, two other foreign banks Standard Chartered and Bank of East Asia (BEA) launched their own local entities with slightly less fanfare at their headquarters in Shanghai yesterday.

Beyond the pomp and ceremony and publicity campaigns, the four foreign financial institutions granted business licenses to incorporate locally last week have been preparing to make a splash in the lucrative renminbi retail banking business.