Nation issues rules on foreign-funded banks
(China Daily)Updated: 2006-11-17 08:41
Article 24 A foreign bank, with the approval of the banking regulatory agency of the State Council, may change any of its branches established within the territory of the People's Republic of China into a wholly foreign-funded bank solely funded by its parent bank, under the principles of legitimacy, prudence and business continuity. The applicant shall file an application for establishing a wholly foreign-funded bank in accordance with the conditions, procedures and application document requirements prescribed by the banking regulatory agency of the State Council.
Article 25 If a foreign bank branch changes into a wholly foreign-funded bank solely funded by its parent bank, such a foreign bank may, with the approval of the banking regulatory agency of the State Council, maintain one branch undertaking foreign exchange wholesale business within the prescribed time limit. The applicant shall file an application for such a branch in accordance with the conditions, procedures and application document requirements prescribed by the banking regulatory agency of the State Council.
The term "foreign exchange wholesale business" in the preceding paragraph means foreign exchange business services provided to customers other than individual customers.
Article 26 The directors, senior executives and the chief representative of a foreign-funded bank shall meet the qualification requirements prescribed by the banking regulatory agency of the State Council, and their appointment shall be subject to approval by the banking regulatory agency of the State Council.
Article 27 A foreign-funded bank shall, under any of the following circumstances, be subject to the approval by the banking regulatory agency of the State Council, and shall submit application documents in accordance with relevant requirements, and shall register with the administrative department for industry and commerce in accordance with law:
(1) changing registered capital or operating capital;
(2) changing the bank's name, or business or office premises;
(3) making adjustment to the scope of business;
(4) changing shareholders or their equity or stock holdings;
(5) making amendments to the articles of association; or
(6)any other circumstances prescribed by the banking regulatory agency of the State Council.
Where a foreign-funded bank replaces its directors, senior executives or the chief representative, it shall report the appointments to the banking regulatory agency of the State Council for the approval of qualifications.
Article 28 Where a foreign-funded bank or a Chinese-foreign joint venture
bank changes its shareholder, the new shareholder shall satisfy the requirements
for the shareholder provided in article 9, 10 or 11 of these regulations.
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