In accordance with its year five World Trade Organization (“WTO”) commitments, China has now issued the regulations required to fully open its banking sector to foreign banks. The regulations will have a significant impact on China's banking sector.
With the enactment of the regulations, geographic restrictions will no longer exist, as locally incorporated foreign banks will enjoy equal treatment as the domestic Chinese banks.
Nine foreign banks have got approval from China Banking Regulatory Commission ("CBRC") to be incorpoarted in China:
Standard Chartered
HSBC
Mizuho Bank
Bank of Tokyo Mitsubishi UFJ
Development Bank of Singapore
Citibank
Bank of East Asia
Hang Seng Bank
ABN AMRO
One of my client is one of the nine banks got approval and we have already started to prepare the pre-commencement audit. A lot of researches and communications involved as no one has experience on how to do the engagements. Even the people from CBRC could not explain the exactly procedure and requirements. It is expected to be very busy until end of August. In addition to the already very busy schedule, my working hours has started to be 14 to 16 hours per day.
I am very very tired :'(
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