No more representation

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Tai Fung Bank has seen its authorisation to establish a representative office in Shanghai revoked starting from today, a release yesterday from the Office of the Secretary for Economy and Finance announced.
The decision comes after the local bank was granted authorisation in February of 2015 to establish a representative office in Shanghai.
Banks’ representative offices are allowed to look after the interests of the credit institutions they represent and to inform clients about the operations in which they intend to participate, but are not allowed to provide the same services as banking institutions.
In June of this year, Tai Fung Bank opened its first branch in Shanghai, to provide deposits, loans, and insurance, especially for small enterprises in mainland China and Macau, the Shanghai Daily reported at the time.

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