The combination ticks every box, bringing a presence in key markets for Chinese clients and exposure to a sophisticated foreign firm with skills in areas like investment banking and foreign-currency funding.
But without the ability to compete on interest rates, says Mr Sheng, China will anyway find it hard to attract foreign investment in banking.
For the first time in years, the Canadians also face a foreign challenge in retail banking.
In Latin America, foreign involvement in the banking system goes back several decades.
The two committees of Congress formally charged with jurisdiction for export administration issues are House Foreign Affairs and Senate Banking and Urban Affairs.
Yet even among nationalistic Asians, attitudes are changing, if for no other reason than the desperate need for foreign capital to rebuild banking systems.
Without any proposed capital controls or explicit enforcement measures, the U.S. Markets Security Act of 1997 contains a clear message: The relevant Committees of the Congress -- including Banking, Foreign Relations and Intelligence -- are now watching, even if most in the Executive Branch and the markets remain perilously dismissive of this complicated 21st century security challenge for this country and our allies.
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Overall profits for China's banking sector, including foreign and local banks, rose 39% last year, according to the China Banking Regulatory Commission.
In the case of Thailand, the opening of an offshore banking center for foreign banks, intended to increase capital inflow, proved far too successful.
As finance minister and head of the central bank, he has cut taxes and liberalised the pension system, in addition to opening the banking sector to foreign competition.
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Only in Brazil, where a lot of bank assets are still under government control, and where there are three large, healthy private Brazilian banks, is the share of banking assets under foreign control likely to remain relatively low.
For the most part, however, even when they have local banking licences, foreign banks prefer to stick to a handful of ultra-respectable corporate clients in Moscow, rather than risk the costs and uncertainties of dealing with ordinary Russian individuals and businesses.
The foreign banks that cluster there account for over half of all banking liabilities in Britain and two-thirds of those in foreign currencies.
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As Argentina has found in recent years, a bigger role for foreign banks usually means a safer banking system.
Hungary was the first country to start privatising its banks, and it now has the highest level of foreign ownership (57% of banking assets).
Hungary's banking market is mostly foreign-owned and highly competitive.
Another helpful change would be to open the banking industry to more foreign competition, as Jeffrey Lang, an American trade official, urged the South Korean government to do in talks in Seoul on August 19th.
The letters appear to be tied to a broad Foreign Corrupt Practices Act investigation of the banking industry, said attorneys who are familiar with past FCPA investigations of other industries.
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Chile has the highest share of foreign control (54%) of its banking system.
Senator Biden for foreign policy experience, Senator Dodd on the Banking Committee.
And yes, at Unilever's Mumbai headquarters on Monday morning, Mr Cameron urged Delhi to open its markets up to greater foreign trade, particularly in financial services like banking and insurance.
The Spanish acquisitions, combined with the presence of America's Citibank, mean that around half the banking system will now be under foreign control, putting Mexico on a par with such countries as Chile and Argentina.
He says that even foreign banks in Malaysia are obliged to provide Islamic banking services.
In 1998 Congress enacted an exception for banking and finance income derived by a foreign subsidiary (IRC section 954(h)).
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It is incumbent upon those charged with investigating international banking irregularities to make Moscow's foreign financial network one of the targets of their inquiry.
The Mariinsky receives little government funding and it lost virtually all its foreign-exchange earnings (from record sales and foreign tours) in last year's Russian banking collapse.
This would surely weaken the finances of Shinsei, which has been trying to introduce the alien concept of profit maximisation into Japanese banking, and could scare off other foreign investors.
Banking regulations help protect local firms from foreign rivals.
Some analysts have also said the rules announced in July may make foreign investors reconsider investing in Indonesia, where the banking sector was previously the most open of any in Southeast Asia.
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