Business & Finance
China Minsheng Bank says cleared to open HK branch
SHANGHAI : China Minsheng Banking Corp has received Hong Kong regulatory approval to set up a Hong Kong branch, the
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SHANGHAI: China Minsheng Banking Corp has received Hong Kong regulatory approval to set up a Hong Kong branch, the firm said in a statement to the Shanghai Stock Exchange on Friday.
The firm's chairman Dong Wenbiao told the China Securities Journal that the setting up of a Hong Kong branch, the firm's first overseas, would mark a step in its international expansion.
Late in December, the bank said it had received China central bank approval to issue of up to 50 billion yuan ($7.9 billion) worth of special bonds, which will be used for loans to small firms.
Copyright Reuters, 2011
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