(Yicai Global) July 12 -- China has approved more banks to start new branches in its mainland, including Jordanian Arab Bank and Hong Kong-based the Bank of East Asia, showing results of the opening up of ownership rules.
The approved cases also include two Taiwanese lenders CTBC Bank and the Cathay United Bank, the China Banking and Insurance Regulatory Commission released on its website. Foreign banks could only own up to 49 percent of their securities joint ventures in China until a policy change lifted this limit to 51 percent in April.
China's loosening of the restriction regarding the shareholding ratio will significantly attract more foreign banks to enter the market, Neil Ge, chief executive of DBS Bank told Yicai Global, adding that the Hong Kong lender will expand its current branches in Xi'an, Qingdao, Chongqing, and Nanning.
Other firms which have made moves toward the country's mainland are US investment management firm Bridgewater Associates, US brokerage firm JPMorgan Chase & Co, and British banking company HSBC Holdings.
Editor: Emmi Laine