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More Chinese banks pull out of Sibos

23 October 2012  |  6036 views  |  0 Swift logo

More Chinese banks have pulled out of the annual Swift international banking conference, Sibos, which is scheduled to take place in Osaka next week.

The bank-to-bank co-operative has confirmed further cancellations from the Chinese financial community in recent days, as China's dispute with Japan over sovereignty of a number of islands in the East China Sea continues to sour relations between the two nations.

Earlier this month, Industrial and Commercial Bank of China, Agricultural Bank of China and Bank of China withdrew all speakers and delegates from the week-long event. They have now been joined by China Citic Bank, Baoshang Bank and Bank of Inner Mongolia.

Delegates from China, both from local Chinese institutions, as well as foreign institutions operating in China, were expected to make up about 5% of the total Sibos audience in Osaka.

The absence of the Chinese contingent is a major blow for the western world's big transaction banks, which had geared up to demonstrate their expertise in Renminbi payments processing.

Swift insists that Sibos registrations overall stay ahead of target, with more than 6000 participants expcted to take part during the week.

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