Overseas Banks Ready For Mutual Funds

FOUR overseas banks yesterday said they are poised to sell mutual funds as regulators open the business on October 1. HSBC, the biggest overseas bank in China, yesterday said it welcomes the move and will "proactively launch the business once it gets regulatory approval." Bonnie Qiu, head of personal financial services at HSBC China, said mutual funds will help overseas banks complete product lines.On Tuesday, China posted new rules to allow overseas banks to distribute mutual funds. At present, the business is only open to domestic banks. Bank of East Asia also welcomed the move, as did Citibank (China) and Standard Chartered.

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