China approves set-ups of branches of overseas banks

The front gate of China Banking and Insurance Regulatory Commission [Photo: IC]

The China Banking and Insurance Regulatory Commission (CBIRC) approved the application of Arab Bank for setting up a branch in Shanghai, and the application of CTBC Bank for establishing a branch in Shenzhen, the regulator said Wednesday on its website.

A sub-branch of the Bank of East Asia in Shenzhen is to be upgraded into a branch, while subsidiaries of Chang Hwa Bank and Cathay United Bank in the Chinese mainland were allowed to open for business.