Overseas banks hope for license
By Lilith Hu |
March 12, 2013, Tuesday
|
Print Edition
Print Edition
THE first batch of applications by overseas banks for a fund distribution license has been received by the China Securities Regulatory Commission, according to a notice the regulator released yesterday.
The applicants include the subsidiaries of five overseas lenders - Bank of East Asia, Standard Chartered Bank, United Overseas Bank, Citigroup and Hang Seng Bank, the notice said. They hope to start the fund distribution business this year.
Only Chinese lenders are allowed to sell units in mutual funds at their branches, which is a booming business of 645 billion yuan (US$102.6 billion) in 2012, more than doubled from 255.5 bullion yuan in 2011, according to data of the Hong Kong lender BEA.
Analysts said over the long term the overseas banks could challenge the dominant position of Chinese lenders by bringing new customer groups and different management practices.
The applicants include the subsidiaries of five overseas lenders - Bank of East Asia, Standard Chartered Bank, United Overseas Bank, Citigroup and Hang Seng Bank, the notice said. They hope to start the fund distribution business this year.
Only Chinese lenders are allowed to sell units in mutual funds at their branches, which is a booming business of 645 billion yuan (US$102.6 billion) in 2012, more than doubled from 255.5 bullion yuan in 2011, according to data of the Hong Kong lender BEA.
Analysts said over the long term the overseas banks could challenge the dominant position of Chinese lenders by bringing new customer groups and different management practices.
- 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.
