Foreigners required for PRC bank funds biz
Regulators will demand Chinese banks find a foreign equity partner in order to access the mutual funds business.
Securities and banking regulators in China have made it clear to commercial banks that they must have a foreign equity partner in any fund management unit they establish, according to a variety of sources in Hong Kong and Shanghai.
This opens up a new opportunity for foreign fund houses looking to enter the market, but some analysts warn such deals may be a trap.
Industrial & Commercial Bank of China (ICBC) is widely expected to be the first commercial bank to win approval f…
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