IntroductionNowadays, banking industry in North American is facing sever competition and slow growth due to deceleration of population growth. China, in contrast, has younger and faster growing population; hence, more and more foreign banks attempt to invest in the Chinese banking industry. However, due to the high barrier of entry imposed by the Chinese government, at the end of 2003, only $500 million US dollars foreign equity had been infused in China's banking industry, which only represented 0.3% of the total market. Nevertheless, by the end of 2006, China will open up its banking industry for foreign investors ("Foreign"). China will reduce the time limit for foreign institutions to open a new branch, lower the required capital investment, and authorized foreign banks to operate Chinese currency. It is a good opportunity for foreign banks to pour their investments into China ("Regulatoin").
In order to capture this opportunity, we representing Bank of American, plan to set up a subsidiary in China.
Having a business in foreign country will have an impact on the HR operation. This research project focused on one HR element: selection and recruitment process. The report began with an overview of foreign banking institutions in China, briefly discussed where and why banking institutions were concentrated in certain areas; in these areas, how Chinese banking institutions did their selection and recruitment; what selection tools they were using; what are the employment restrictions for foreign banking institutions, and finally, what would be the implications for the HR department of Bank of America. -> are we looking at one bank and that's Bank of America?? Or should it be "banks of America" the industry??Overview of Foreign financial institutions in ChinaAt the end of 2001, there were 162 foreign financial frameworks in China, among which 6 of those were solely foreign-owned institutions,