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HSBC to open 10th mainland China branch in Suzhou
18 May 2004
HSBC has obtained approval from the China Banking Regulatory Commission to open a branch in Suzhou, the bank’s tenth branch in mainland China. HSBC expects to open its new branch in the second half of this year, pending receipt of operational licences.
Suzhou, a city of five million people, is in Jiangsu province, north-west of Shanghai. Dicky Yip, Chief Executive China Business at The Hongkong and Shanghai Banking Corporation Limited, said: “We are delighted to have obtained initial approval to open a branch in Suzhou, which has enjoyed good economic growth following China’s entry to the World Trade Organisation. Suzhou has attracted many multinational corporations and new high-tech industries and the demand for financial services has grown.”
HSBC plans to offer a full range of services at its Suzhou branch to local and foreign-invested enterprises, Chinese citizens, foreign nationals and residents from Hong Kong, Macau and Taiwan. Services will include deposits, loans, bills and drafts discounting, letters of credit and guarantees and foreign exchange dealings.
HSBC’s network in mainland China currently comprises nine branches in Beijing, Dalian, Guangzhou, Qingdao, Shanghai, Shenzhen, Tianjin, Wuhan and Xiamen, two sub-branches in Puxi, Shanghai, and representative offices in Chengdu and Chongqing.
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