| OCBC opens incorporated bank in Shanghai |
SHANGHAI, Aug. 1 -- OVERSEAS Chinese Banking Corp set up its locally incorporated bank in Shanghai today to fully tap the retail yuan market.
The Chinese subsidiary of the Singapore-based bank has a registered capital of 3.5 billion yuan (US$462.5 million) and will hire 800 more employees by 2010. It has 200 employees now.
It plans to issue yuan-backed debit and credit cards. Its executives also said they wouldn't rule out the possibility of increasing its 10-percent stake in Bank of Ningbo, which listed on the Shanghai Stock Exchange on July 19.
The bank is the second Singapore bank, after DBS, and the 10th overseas lender to be locally incorporated in Shanghai.
Allowing foreign banks to set up branches in the country is part of China's commitment to open its banking sector as part of the agreement to enter the World Trade Organization.
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