 China pushes foreign banks to be locally incorporated
(Xinhua)
Updated: 2008-03-06 20:45
BEIJING -- China's banking regulator said it would continue to push for the local incorporation of foreign banks here on Thursday.
China Banking Regulatory Commission (CBRC) also urged locally incorporated foreign banks to build a so-called Chinese Wall separating themselves from parent banks and remaining Chinese branches. They should also set up independent risk control, accounting and IT system to prevent overseas risk overflow, a statement on its website said.
The CBRC will "pay close attention to the branches and subsidiary institutions of the subprime-affected foreign banks, and take more prudent supervision measures," said the statement.
Foreign banks have been increasing steadily in assets, profit, deposits and loans. Outstanding non-performance loans were reduced by 45 million US dollars year-on-year, said the statement.
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