Related News
Foreign banks prepare for SSE int'l board listing
By Zhang Fengming |
April 19, 2011, Tuesday
|
Online Edition
Online Edition
HSBC, Standard Chartered and Bank of East Asia are quickening their steps to get listed in Shanghai, the local banking regulator said today.
The international board at the Shanghai Stock Exchange is expected to be launched this year as Shanghai establishes itself as a global financial hub to attract well-known financial institutions and professionals.
Meanwhile, overseas banks in Shanghai are expecting a slower revenue growth this year against the central government's tightening policy, the Shanghai bureau of the China Banking Regulator Commission said in a statement yesterday.
Overseas banks in Shanghai are expecting a 21 percent revenue growth for 2011, down from a target of 38 percent for 2010.
A deposit growth of 24 percent is expected for the overseas banks in Shanghai this year, while the loan growth target is set at 17 percent. The overseas banks' total assets are forecasted to grow by 20 percent.
"The projections showed that overseas banks are cautiously optimistic about their growth against a macro tightening in 2011," the local banking regulator said.
Despite the slower revenue growth projection, overseas banks will accelerate their network expansion in China to pave way for long-term growth.
Overseas banks plan to add 147 outlets this year, 42 more than last year. The regulator said the network expansion indicated a recovery of confidence from the global financial crisis, when most overseas banks slowed their expansion.
DBS said last week that it plans to double headcount in China this year to more than 2,000 while opening eight outlets in the period. The Southeast Asia's biggest bank said its 2010 China revenue more than doubled to 260 million yuan (US$40 million). Overseas banks in China are set to report their annual performance by the end of April.
Shanghai stands out as a magnet for overseas banks with 21big-name players placing their China headquarters in the city, including Citibank and HSBC.
Overseas banks that incorporated in Shanghai accounted for more than 80 percent of the group in China in terms of assets, savings and loans.
Overseas banks were allowed full access into China's banking market by the end of 2006 under China's World Trade Organization commitment. HSBC, Citibank, Standard Chartered and Bank of East Asia are the first four overseas banks to set up local incorporations or independent subsidiaries in Shanghai in early 2007.
Shanghai is poised to become a global financial and shipping hub by 2020 as China's national strategy.
The international board at the Shanghai Stock Exchange is expected to be launched this year as Shanghai establishes itself as a global financial hub to attract well-known financial institutions and professionals.
Meanwhile, overseas banks in Shanghai are expecting a slower revenue growth this year against the central government's tightening policy, the Shanghai bureau of the China Banking Regulator Commission said in a statement yesterday.
Overseas banks in Shanghai are expecting a 21 percent revenue growth for 2011, down from a target of 38 percent for 2010.
A deposit growth of 24 percent is expected for the overseas banks in Shanghai this year, while the loan growth target is set at 17 percent. The overseas banks' total assets are forecasted to grow by 20 percent.
"The projections showed that overseas banks are cautiously optimistic about their growth against a macro tightening in 2011," the local banking regulator said.
Despite the slower revenue growth projection, overseas banks will accelerate their network expansion in China to pave way for long-term growth.
Overseas banks plan to add 147 outlets this year, 42 more than last year. The regulator said the network expansion indicated a recovery of confidence from the global financial crisis, when most overseas banks slowed their expansion.
DBS said last week that it plans to double headcount in China this year to more than 2,000 while opening eight outlets in the period. The Southeast Asia's biggest bank said its 2010 China revenue more than doubled to 260 million yuan (US$40 million). Overseas banks in China are set to report their annual performance by the end of April.
Shanghai stands out as a magnet for overseas banks with 21big-name players placing their China headquarters in the city, including Citibank and HSBC.
Overseas banks that incorporated in Shanghai accounted for more than 80 percent of the group in China in terms of assets, savings and loans.
Overseas banks were allowed full access into China's banking market by the end of 2006 under China's World Trade Organization commitment. HSBC, Citibank, Standard Chartered and Bank of East Asia are the first four overseas banks to set up local incorporations or independent subsidiaries in Shanghai in early 2007.
Shanghai is poised to become a global financial and shipping hub by 2020 as China's national strategy.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
