Bank Headquarters Moves to ShanghaiThe Hongkong and Shanghai Banking Corp (HSBC) plans to increase its presence in the China market by spurring co-operation with domestic banking firms after it relocates its headquarters from Hong Kong to Shanghai."HSBC and domestic banks have a variety of ways in which co-operation would result in win-win achievements, such as in renminbi businesses and electronic banking services," said David Eldon, chairman of the global banking giant. He refuted speculation that the entry of foreign banks into the Chinese market would result in serious losses for domestic banking companies. The bank has inked many contracts with domestic banks, including a 3 billion yuan (US$362 million) renminbi fund line with the Bank of China and an ATM services co-operation with the Industrial and Commercial Bank of China (ICBC), which allows HSBC's credit card holders to take cash from ICBC's ATMs in Shanghai and Shenzhen. HSBC officially announced yesterday the opening of its general representative office in the Chinese mainland in Shanghai, the hometown of the bank when it was first established in 1865. "The relocation of our new China headquarters in China's financial hub reflects our deep commitment to the China market and it also marks a vital threshold of our business expansion here," said Eldon, at the inauguration ceremony held in Pudong. HSBC's current business in the China market is about 5 per cent of the firm's total. |
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