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UK: Lawmaker opens doors to Chinese banks

By  |  October 15, 2013

Chancellor George Osborne announced Tuesday plans to ease requirements for Chinese lenders to enter the UK market, according to reports. The MP’s proposal means the government will reportedly no longer require Chinese banks to hold as much capital within the UK as before; currently, major Chinese lenders need to establish UK subsidiaries, locally regulated, to enter the market.

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    Osborne, however, revealed plans that would allow the banks to register as branches with the Prudential Regulation Authority, which supervises the banking industry.

    The changes, say reports, will allow the Chinese banks to compete at the same level as other foreign branches, including the US banks Goldman Sachs and Morgan Stanley, which both use the branch model to operate within the UK.

    Full Content: The Telegraph

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