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Foreign bank investment in China booms

Foreign bank investment in China booms

(12 October 2005 – China) Foreign funded banks’ overall investment in China’s banking industry has almost reached US$80 billion, according to the China Banking Regulatory Commission. The Commission said there were currently 225 outlets of foreign funded banks and 240 representative offices. It said 19 foreign banks owned stakes in 16 Chinese banks with their investment totalling US$16.5 billion.

The Commission said more than 100 products were being offered by the foreign banks.

In further news, the Asian Development Bank has announced it will invest US$75 million in Bank of China, which is planning an initial public offering in the first half of 2006.

That would take the number of foreign investors in Bank of China to six, comprising Royal Bank of Scotland, Temasek Holdings, UBS, Merrill Lynch, and a foundation owned by Hong Kong billionaire Li Kashing.

ADB, which is based in the Philippines, said it would help Bank of China improve its corporate government and risk management.

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