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HSBC to expand China operations
12 April 2002
HSBC is expanding in China, with plans to open new premises in Shanghai and the launch of foreign currency services in Beijing and Shanghai.
During 2002, the bank will expand its services and presence in Shanghai by relocating its existing Shanghai sub-branch to new premises, doubling its size. HSBC has also applied for permission from the People’s Bank of China to open a second sub-branch in Shanghai, and plans to open a Premier Centre, catering to HSBC’s Premier customers, in the city.
At the same time, the bank has received approval to offer foreign currency services to mainland Chinese citizens and corporations in Beijing - where HSBC will be the first foreign bank to offer these services - and Shanghai.
The expansion plans are the latest moves by HSBC to expand its operations in China. Last year, The Hongkong and Shanghai Banking Corporation Limited agreed to acquire an 8 per cent equity stake in the 196-branch Bank of Shanghai for RMB517.92 million (approximately US$62.6 million) in cash.
HSBC has a longstanding heritage in Shanghai - the Group's founding company was established in Hong Kong and Shanghai in 1865, and the bank has had a presence in Shanghai ever since.
Today, HSBC's mainland China operations employ over 700 people, with a network spanning 11 cities. HSBC operates through nine branches in Beijing, Dalian, Guangzhou, Qingdao, Shanghai, Shenzhen, Tianjin, Wuhan and Xiamen; a sub branch in Puxi, Shanghai; and representative offices in Chengdu and Chongqing.
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