The world's local bank
HSBC launches RMB deposit service to local residents in Beijing
13 December 2006
The Hongkong and Shanghai Banking Corporation Limited today launched its RMB 1 million deposit service to local residents in Beijing. The bank received its first local customer for the new deposit service at its Beijing branch this morning.
Richard Yorke, Chief Executive Officer China at The Hongkong and Shanghai Banking Corporation Limited, said: "We are very pleased to be the first to roll out the new RMB deposit service to local residents. Thanks to the efficient support of all relevant authorities, HSBC was able to launch the new service within 24 hours of receiving CBRC's confirmation.
"This marks a milestone in HSBC's 141-year presence in China where rapid economic growth has brought about increased demand for personal financial services. With HSBC's international experience and expertise, we look forward to providing world-class and diversified banking services to Chinese citizens."
HSBC will offer the RMB deposit service in nine cities include Beijing, Dalian, Guangzhou, Qingdao, Shanghai, Shenzhen, Tianjin, Wuhan and Xiamen where the bank has already been providing RMB banking to domestic companies and non-PRC nationals – the widest geographical reach of any foreign bank in China.
The tenures of the RMB 1 million deposit service at HSBC include 3 months, 6 months, 1 year, 2 years, 3 years and 5 years at the interest rates set by the People's Bank of China.
Catherine Fok, Head of Personal Financial Services China at HSBC, said: "HSBC places top importance to customer service and seeks to provide local residents with a brand new banking experience. We look forward to providing a full range of RMB services upon completion of our local incorporation in mainland China."
Earlier, HSBC had filed its application for local incorporation and received CBRC's acknowledgement of receipt in writing on 11 December, marking the first step in the approval process. HSBC is moving actively towards locally incorporating its commercial banking business in Shanghai where the bank was founded and has had a continuous presence for 141 years.
Media enquiries to Dan Dan Chang on [86] (21) 3888 1807
Notes to editors:
The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding and a principal member of the HSBC Group which, with around 9,500 offices in 76 countries and territories and assets of US$1,738 billion as at 30 June 2006, is one of the world's largest banking and financial services organisations.
HSBC in Mainland China
HSBC's network in mainland China currently comprises 28 outlets, including 13 branches (in Beijing, Chengdu, Chongqing, Dalian, Guangzhou, Hangzhou, Qingdao, Shanghai, Shenzhen, Suzhou, Tianjin, Wuhan and Xiamen) and 15 sub-branches (in Beijing, Dalian, Guangzhou, Shanghai, Shenzhen and Tianjin). Approval has been obtained to open a branch in Xi'an this year. HSBC's China head office is based in Pudong, Shanghai.
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