China Merchants Bank’s 1st step into the world
(China) - China Merchants Bank (CMB), one of the most profitable banks in China, has secured a licence to do business in Hong Kong, its first entry into the international banking market.
The Hong Kong Monetary Authority has confirmed that the licence enables CMB to accept deposits and conduct regular banking business in the territory, still a critical international gateway for fund flows to and from mainland China.
Currently CMB, one of four listed banks in China, has only a representative office in Hong Kong. Its 10.95 billion yuan (US$1.4 billion) share issue last month, China's second largest ever domestic IPO, however has improved the Bank's financial strength prior to an offshore expansion program.
Currently CMB, one of four listed banks in China, has only a representative office in Hong Kong. Its 10.95 billion yuan (US$1.4 billion) share issue last month, China's second largest ever domestic IPO, however has improved the Bank's financial strength prior to an offshore expansion program.
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