OBS_VALUE: Article 9 of Implementing Measures on Administrative Licensing of Foreign-funded Banks states that a wholly foreign-funded bank or a Chinese-foreign equity joint venture bank to be formed shall meet the following conditions: (1) It has bylaws in compliance with the Company Law of the People's Republic of China, the Commercial Bank Law of the People's Republic of China, and the Regulation of the People's Republic of China on the Administration of Foreign-Funded Banks.  (2) Its registered capital is paid-in capital, the minimum amount of which is 1 billion yuan or an equivalent in freely convertible currencies.   (3) It has directors and senior executives who are qualified to hold office and qualified personnel who are familiar with the banking business.   (4) It has a sound organizational structure and complete management rules.   (5) It has business premises, safety protection measures, and other facilities commensurate with its operations.   (6) It has established an information technology framework commensurate with its operations, has necessary, safe, and compliant information technology systems to support its operations, and has technologies and measures to ensure the effective and safe operation of the information technology systems.