Hang Seng, DBS win local status

时间：2007-05-22 03:19:24

（单词翻译:单击）

May 22 - Hong Kong-based Hang Seng Bank and Singapore's DBS Group Holdings said yesterday that they had received approval from China's banking1 regulator to incorporate locally, paving the way for them to tap the renminbi retail3 business.

 

The two lenders were among the second batch4 of eight overseas banks allowed to prepare for local incorporation5, but names of the other six were not immediately available and the China Banking Regulatory Commission (CBRC) could not be reached last night.

 

Earlier, HSBC, Standard Chartered Bank, Bank of East Asia and Citigroup secured the nod to start operations as locally incorporated companies and have begun offering renminbi retail services.

 

In addition, Mizuho Corporate2 Bank, Bank of Tokyo-Mitsubishi UFJ Ltd, ABN AMRO, Oversea-Chinese Banking Corp, JPMorgan Chase Bank and Wing Hang Bank are preparing to register their local subsidiaries in Shanghai, Beijing or Shenzhen.

 

"We are very pleased that the CBRC has granted approval for Hang Seng to set up a mainland-incorporated subsidiary," Raymond Or, vice-chairman and chief executive of Hang Seng Bank, said yesterday.

 

"The establishment of Hang Seng Bank (China) Limited marks a significant new phase in Hang Seng's mainland business strategy and is in line with our longstanding commitment to this fast-growing market," he added.

 

To be headquartered in Shanghai, Hang Seng Bank (China) Ltd is expected to begin business shortly. Or will be the chairman of the bank's mainland subsidiary and Johnson Fu, head of China Business, will serve as chief executive.

 

DBS Group Holdings, Southeast Asia's largest bank, confirmed to China Daily last night that it had also received the green light from the regulator.

 

"With the setting up of the local subsidiary, and in time to come, we hope to provide the full suite6 of wealth management services to our customers in Hong Kong and Singapore, and to local and foreign residents on the mainland," DBS spokeswoman Eunice Woo said earlier.

 

Hang Seng Bank, a principal member of the HSBC Group, has a network of 17 outlets7 on the Chinese mainland, including seven branches, nine sub-branches and one representative office; while DBS has 10 outlets on the mainland, including those owned by DBS Bank (Hong Kong) Limited.

 
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1 banking aySz20     
n.银行业，银行学，金融业
参考例句：
  • John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
  • He possesses an extensive knowledge of banking.他具有广博的银行业务知识。
2 corporate 7olzl     
adj.共同的，全体的；公司的，企业的
参考例句：
  • This is our corporate responsibility.这是我们共同的责任。
  • His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。
3 retail VWoxC     
v./n.零售；adv.以零售价格
参考例句：
  • In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
  • These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。
4 batch HQgyz     
n.一批(组，群)；一批生产量
参考例句：
  • The first batch of cakes was burnt.第一炉蛋糕烤焦了。
  • I have a batch of letters to answer.我有一批信要回复。
5 incorporation bq7z8F     
n.设立，合并，法人组织
参考例句：
  • The incorporation of air bubbles in the glass spoiled it.玻璃含有气泡，使它质量降低。
  • The company will be retooled after the incorporation.合并之后的公司要进行重组。
6 suite MsMwB     
n.一套(家具)；套房；随从人员
参考例句：
  • She has a suite of rooms in the hotel.她在那家旅馆有一套房间。
  • That is a nice suite of furniture.那套家具很不错。
7 outlets a899f2669c499f26df428cf3d18a06c3     
n.出口( outlet的名词复数 )；经销店；插座；廉价经销店
参考例句：
  • The dumping of foreign cotton blocked outlets for locally grown cotton. 外国棉花的倾销阻滞了当地生产的棉花的销路。 来自《简明英汉词典》
  • They must find outlets for their products. 他们必须为自己的产品寻找出路。 来自《现代汉英综合大词典》

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