HSBC to Offer Foreign Currency Services in Mainland Branches

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Last updated at: (Beijing Time) Friday, June 07, 2002

HSBC to Offer Foreign Currency Services in Mainland Branches

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The Hongkong and Shanghai Banking Corporation Limited (HSBC) can offer foreign currency services to local citizens and corporations in all its branches in China's mainland, the biggest bank of Hong Kong-- HSBC said Thursday.

"With six additional licenses, HSBC now has the largest networkamong foreign banks to serve local citizens and companies as it can offer the new service at 10 locations throughout China," said HSBC in an announcement Thursday.

HSBC is expected to roll out new service in succession to its branches in Shenzhen, Tianjin, Dalian, Qingdao, Wuhan and Xiamen within the next two months.

The bank begun offering foreign currency services in three branches and one sub-branch in Beijing, Shanghai and Guangzhou branch in April and May.

Eddie Wang, the bank's chief executive of China business, said:"HSBC is committed to providing first-class banking and financialservices to our customers in China's mainland as it is an important market for the HSBC Group."

HSBC was established in Hong Kong and Shanghai in 1865 but has been away from the mainland market for decades.

The bank moved its China head office from Hong Kong to Pudong, Shanghai in May 2000 and has the largest branch network among foreign banks in China's mainland, comprising 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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