China allows 4 foreign banks to offer services
From the Associated Press
China approved four foreign banks to begin local currency services to individual Chinese customers, opening access to the country’s $4 trillion in household savings and surging demand for credit cards and other financial services.
The four banks approved are the locally incorporated entities of Citigroup Inc., HSBC Holdings’ Hongkong & Shanghai Banking Corp., Standard Chartered and Bank of East Asia, the China Banking Regulatory Commission said.
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