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CHONGQING, Jan. 12 (Xinhua) -- Britain's Standard Chartered Bank will open a branch in southwest China's Chongqing Municipality, according to the local authorities.

The bank's application had been approved by the China Banking Regulatory Commission, said a spokesman with the Chongqing Municipal Banking Regulatory Bureau, but he did not provide further details.

China's new regulations on the administration of foreign-funded banks encourage foreign banks to incorporate in China to minimize risks for Chinese customers.

The Chongqing branch of the London-based bank will be the sixth overseas-funded bank to set up in the city, following the Bank of Nova Scotia, Allied Commercial Bank, HSBC, Bank of East Asia, and ABN AMRO Bank.

"Overseas-funded banks will find a broader space for development in Chongqing with the all-round opening of China's banking industry and the fast growth of Chongqing's economy. Consumers will be offered more financial products and better financial services," the spokesman said.

Standard Chartered, which is listed in both London and Hong Kong, set up its first Chinese mainland branch in Shanghai in 1858.

It has more than 1,800 staff in 11 branches, six sub-branches and three representative offices on the Chinese mainland. The Shanghai, Shenzhen, Beijing, Nanjing, Xiamen, Zhuhai and Tianjin branches can provide full banking services, including Renminbi, to corporate clients.