November 12, 2007
US Markets Provide Access to Chinese Banks
Interesting report from http://www.chasecooper.com/. They put out an article yesterday on a trend in Chinese banking. An excerpt is here:
"China Merchants Bank (CMB), to open a branch in New York, the first Chinese bank to gain such approval in 15 years. This is expected to be a first step to CMB listing on a US exchange."
They go on to say:
"It is expected that CMB will be joined by Industrial and Commercial Bank of China (ICBC), China’s largest bank and, by many measures, the world’s largest, bank who applied for a US licence to open a NY branch earlier this year. Approval has been given by the NY State Banking Department but ICBC still wait the final approval from the Fed.
No Chinese banks have listed in the US since the onset of the Sarbanes-Oxley Act but this now looks set to change."
This looks good for an SEC who made de-listing easier in January 2007. Interesting turn of events with all of China's power in the financial reserves these days. Good to see US markets accessed by powerful foreign companies.
Openness of US markets is some of the best in the world. This is a testament to this and the market power of the US.
If your company has to comply with SOX 404 or NI 52-109, and wants to do it in a sensible and cost effective way, contact http://www.issuescentral.com/ for more information on Compliance Playbook® for companies based outside of Canada. For Canadian based companies, see http://www.compliancepartner.ca/ for more information on Compliance Partner™ from Thomson Carswell.
"China Merchants Bank (CMB), to open a branch in New York, the first Chinese bank to gain such approval in 15 years. This is expected to be a first step to CMB listing on a US exchange."
They go on to say:
"It is expected that CMB will be joined by Industrial and Commercial Bank of China (ICBC), China’s largest bank and, by many measures, the world’s largest, bank who applied for a US licence to open a NY branch earlier this year. Approval has been given by the NY State Banking Department but ICBC still wait the final approval from the Fed.
No Chinese banks have listed in the US since the onset of the Sarbanes-Oxley Act but this now looks set to change."
This looks good for an SEC who made de-listing easier in January 2007. Interesting turn of events with all of China's power in the financial reserves these days. Good to see US markets accessed by powerful foreign companies.
Openness of US markets is some of the best in the world. This is a testament to this and the market power of the US.
If your company has to comply with SOX 404 or NI 52-109, and wants to do it in a sensible and cost effective way, contact http://www.issuescentral.com/ for more information on Compliance Playbook® for companies based outside of Canada. For Canadian based companies, see http://www.compliancepartner.ca/ for more information on Compliance Partner™ from Thomson Carswell.
