ABN Amro more than tripled registered capital of its planned local incorporation in Shanghai.
The registered capital of the local incorporation increased from a previously planned 1.3 billion yuan (US$170 million) to four billion yuan, the Netherlands-based company said in a statement.
ABN Amro was one of nine overseas banks with approval to incorporate as a Chinese mainland legal entity last December. It can now offer a full array of retail yuan businesses on the mainland.
In May, ABN Amro decided to increase the registered capital and reapply to the China Banking Regulatory Commission. The delay allowed rivals like HSBC, Citigroup, Bank of East Asia and Standard Chartered to incorporate before ABN Amro.
The Netherlands-based bank has finished the spot check from the Shanghai branch of the CBRC and it is expected to start operations as soon as the end of this month.
The incorporation had not suffered problems because of the takeover battle over ABN Amro, involving Barclays PLC and the Royal Bank of Scotland Group consortium, the Dutch bank said.
Four lenders - HSBC, BEA, Citibank and Standard Chartered - have already started retail yuan services on the mainland. Hang Seng Bank and DBS Bank have opened as locally incorporated lenders but are still awaiting the final license on retail yuan business.
The minimum registered capital requirement is set at one billion yuan.
The mainland fully opened its banking sector to overseas banks in December under commitments to join the World Trade Organization. More overseas banks like BNP Paribas had said they will apply for local incorporation status.
China mainland's US$2 trillion in household savings give overseas banks a strong reason for wanting to get a share of the market.
The Netherlands-based bank has finished the spot check from the Shanghai branch of the CBRC and it is expected to start operations as soon as the end of this month.