HSBC Bank (China) Co Ltd opened a branch in Dongguan, Guangdong
Province yesterday, reinforcing its presence in the fast-growing
Pearl River Delta region.
The new branch brings HSBC's network to 53 service outlets
across the country - the widest reach of any foreign bank on the
mainland.
Bryan Stiles, deputy chief executive officer of HSBC China,
said: "At the heart of the region, Dongguan enjoys a strategic
location where businesses from Hong Kong and Taiwan congregate, and
a large number of Chinese small and medium-sized enterprises (SMEs)
are based, creating strong demand for both commercial banking and
personal financial services."
The new branch will offer a comprehensive range of banking
services in foreign currency to both companies and individuals,
including corporate finance, deposits and loans, trade services and
cash management.
"Since SMEs play an important role in China's economy, we are
committed to contributing further to this important sector by
providing international banking services," he said.
Stiles said the company will soon launch a premier SME service
on the mainland, targeting companies in the Pearl and Yangtze River
Delta regions.
"Network expansion is part of our organic growth in China,"
Stiles said, adding that the network will span about 60 mainland
outlets by the end of this year.
"We have obtained approval to set up a branch in Changsha, which
is planned to be opened in early 2008, and we have applied for a
branch in Ningbo, pending regulatory approval."
Stiles said the company is preparing to launch renminbi services
in Dongguan to companies and individuals when it gets approval.
HSBC provides renminbi services in 15 cities to corporate
customers, and in 14 cities to individual customers on the
mainland.
(China Daily November 29, 2007)
