Date
22 August 2017

CBRC puts leash on city bank branches, paper says

City commercial banks will be limited to opening a maximum of two new branches in any one city except in areas that need better access to financial services, the 21st Century Business Herald reported Monday, citing an unnamed person from the China Banking Regulatory Commission. The lenders expanded across the country after April 2006 when Bank of Shanghai Co. Ltd. opened an outlet in Ningbo, Zhejiang province. In a quest for market share in major cities, more than 60 city banks opened a combined 103 branches in other provinces before the regulator ceased approvals in 2011 because of a glut of services, the report said.

– Contact HKEJ [email protected]

TL/AC/SK

 

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