Foreign Banks Establish 41 Legal Person Lenders in China, Total Assets Approach $480 Billion
The China Banking and Insurance Regulatory Commission (CBIRC) has just released a new raft of data on foreign investment in the Chinese banking sector.
As of the end of October 2019 overseas banks had invested a total of 41 foreign-invested legal person banks in China, 114 direct branches and 151 representative offices.
There are currently a total of 976 foreign-invested bank entities in China, with total assets of 3.37 trillion yuan (approx. USD$480 billion).
Overseas insurers have established 59 foreign-invested insurance institutions in China, as well as 131 representative offices and 18 specialist insurance intermediary organisations. Foreign-invested insurance companies in China have total assets of 1.284747 trillion yuan.
During the period from January to October 2019 CBIRC gave its approval to 18 applications from foreign-invested banks and insurers to establish domestic institutions, as well as gave its approval to 15 applications for the commencement of operations.
In November CBIRC gave its approval to Allianz China – China’s first wholly foreign invested insurance holding company, to commence operations.