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HSBC opens tenth branch in mainland China
20 October 2004
HSBC has opened a new branch in Suzhou, expanding its network to 10 branches in major cities across mainland China.
Located at the Suzhou Industrial Park, the new HSBC branch has 24 staff, and will offer a full range of services to local and foreign companies, mainland China residents, foreign nationals and residents from Hong Kong, Macau and Taiwan. The services include deposits, loans, bills and drafts discounting, letters of credit and guarantees and foreign exchange dealings.
Dicky Yip, The Hongkong and Shanghai Banking Corporation Limited’s Chief Executive China Business, said: “With the opening of our new Suzhou branch, HSBC has established another strong foothold in the heart of the Yangtze River Delta area, which has witnessed impressive economic growth in recent years. Suzhou in particular has attracted many multinational corporations and new high-tech industries, and the corresponding demand for financial services has grown.”
The other HSBC branches in mainland China are located in Beijing, Dalian, Guangzhou, Qingdao, Shanghai, Shenzhen, Suzhou, Tianjin, Wuhan and Xiamen. HSBC also has three sub-branches in Guangzhou and Shanghai and representative offices in Chengdu and Chongqing. In May 2000, the bank’s China head office was relocated from the Hong Kong SAR to Pudong in Shanghai, and renamed HSBC’s General Representative Office Mainland China.
Established in Hong Kong and Shanghai in 1865, HSBC has had a continuous presence in China for more than 136 years. In August of this year, HSBC entered into an agreement to acquire a 19.9 per cent interest in the share capital of Bank of Communications Limited, the fifth largest bank in China. This transaction represents the largest single equity investment in a mainland China bank by a foreign bank.
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