foreign banks

HSBC is considering selling its $9 billion stake in Ping An Insurance.

Revenues for foreign banks in China will rise 20% by 2015, according to a survey by PwC, despite weaker economic growth.

HSBC last week became the first foreign bank to take advantage of relaxed rules on renminbi transfers as it injects Rmb2.8 billion into its China business.

Francois Cristofari becomes chairman of BNP Paribas' China business, while Clarence Tao takes over his previous job as CEO.

Wong, who takes the step up from deputy CEO, has more than 25 years of commercial and investment banking experience in Greater China and the Asia-Pacific region.

Richard Yorke, HSBC's China president and CEO, talks to FinanceAsia about the expansion of the lender's network and the competition among local and foreign banks in the world's fastest growing economy.

Domestic lenders, which in the past have had little advantage over their foreign peers in terms of banking services and products, have turned into “formidable competitors”, PwC says.

PwC's latest survey of foreign banks in China highlights the issues of operating in one of the world's largest growth markets.