Four Foreign Banks Start Operation In China

SHANGHAI, CHINA - APRIL 2: (CHINA OUT) (L-R) Richard Stanley, CEO of Citigroup China, Fang Xinghai, Deputy Director of the Shanghai Metropolitan Government's Office for Financial Services, Hong Peili, Deputy Director-General of China Banking Regulatory Commission (CBRC) Shanghai Office and Huang Xiaoguang, Managing Director and General Manager of Citibank N.A. Shanghai Branch, unveil the sign of Citibank (China) Co Ltd., during a ceremony for Citibank's official launch in China as a locally incorporated bank on April 2, 2007 in Shanghai, China. Locally incorporated units of four overseas banks, including Citigroup Inc., HSBC Holdings PLC., Standard Chartered PLC., and Bank of East Asia Ltd, start operation today, making them the first foreign banks to have access to Chinese residents. The four overseas lenders today opened over 100 outlets for retail yuan-denominated services to Mainland clients. (Photo by China Photos/Getty Images)