The Minister presented the signed document on behalf of the Financial Supervision Commission to the Chairman of CBRC Mr Shang Fulin in Beijing. This is a necessary step prior to Chinese banks establishing an operation on the Isle of Man.
The Minister commented:
‘As an increasing number of Chinese companies are showing an interest in the Isle of Man, we have been working vigorously to make Chinese banks understand the benefits of setting up operations here. Through establishing branches in the Isle of Man, Chinese banks will be well positioned to support their clients which have business activities in the UK and Europe, which are vital trading partners of China.’
The Chief Executive of the Financial Supervision Commission John Aspden said:
‘The Financial Supervision Commission is very pleased to sign a Statement of Co-operation with the China Banking Regulatory Commission. This will undoubtedly facilitate a closer regulatory relationship with the CBRC, which we hope will encourage the establishment of Chinese banking operations on the Island.’