Nine Foreign Banks Get China Registration First Rights
1. HSBC Holdings Plc
2. Citigroup, Inc.
3. Standard Chartered Bank
4. Bank of East Asia Ltd.
5. Hang Seng Bank Ltd.
6. Mizuho Corporate Bank Ltd.
7. Bank of Tokyo-Mitsubishi UFJ Ltd.
8. DBS Bank Ltd.
9. ABN Amro Bank NV.
all got approval for local incorporation in China.
In keeping with WTO commitments, China is removing restrictions on overseas banks.
These first nine foreign banks want a piece of China's $2 trillion in household savings.
These nine lenders made up 55% of foreign bank assets in China as of 9/30 and their profits made up 58% according to China Banking Regulatory Commission.
Won't the Chinese be happy? And the mail service?
Now they will get at least nine pieces of mail each week/day? saying use our credit cards.
All things considered…competition is good. But is the average Chinese ready for the flood of offers?
What do you think?
No sh*t. This credit card spam thing is going insane. Does anyone else wonder, after you move, why your subscriptions take forever to get to your new address, but spams find you instantly with your correct names?
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