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Offshore banking services lackluster.
(From Business Daily Update)
Author:
Headline: Offshore banking services lackluster
The two Shanghai banks allowed to provide offshore banking services haven't attracted many clients to date, due to the banks' lack of management expertise and the central bank's harsh restrictions, say industry insiders.
"The number of clients we have received is not worth mentioning," said Tu Hong, deputy general manager of international banking with the Bank of Communications.
The bank launched its offshore banking services at the end of September, three months after it obtained approval.
Tu attributes the dumb situation to rigid restriction's imposed by the People's Bank of China (PBOC), the central bank.
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