MORE FOREIGN BANKS SETTLE IN JIANGSU

MORE FOREIGN BANKS SETTLE IN JIANGSU

07/03/2007, 05:58


NANJING, July 3 Asia Pulse - Three foreign banks will settle in East China's Jiangsu Province this year, according to the provincial banking regulatory bureau. These banks include WooriBank (KSE:00030) of the Republic of Korea, which has gained an approval of opening business in near future, the Bank of East Asia (SEHK:0023) and the Industrial Bank of Korea (KSE:24110), approved to launch branches in Nanjing and Suzhou, respectively, according to local sources.  

Since the beginning of this year, many foreign banks including Standard Chartered and HSBC have submitted application for setting up more branches and intercity business offices. So far Sumitomo Mitsui Banking Corporation's new sub-branch has opened to service in Suzhou Industrial Park; HSBC and Standard Chartered have approved of establishing intercity sub-branches; and the Nanjing Branch of the Standard Chartered Bank is expected to open business this month.  

It is learned that the establishment of the intercity operations by foreign banks is closely related with the expanding of business scale and the diversity of business products; the setting up of offices by corporate foreign banks is to satisfy residents' demand for RMB business.