The world's local bank
HSBC obtains final regulatory approval for local incorporation in China
20 March 2007
The Hongkong and Shanghai Banking Corporation Limited is pleased to announce that it has received final approval for local incorporation from the China Banking Regulatory Commission (CBRC), becoming one of the first foreign banks to have been approved to set up a wholly foreign owned bank in the fast-growing China market.
The new entity will be named HSBC Bank (China) Company Limited and will be fully owned by its parent, The Hongkong and Shanghai Banking Corporation Limited. Vincent Cheng, Chairman of The Hongkong and Shanghai Banking Corporation Limited will be Chairman of the new company. Richard Yorke, Chief Executive Officer of HSBC China, will serve as President and Chief Executive Officer of the new company. Candidates for the Board of Directors have been confirmed.
Vincent Cheng said: "We are delighted to have received CBRC's final approval for incorporating our China business in Shanghai, where HSBC has had a continuous presence for 142 years. China is a very important market to HSBC and we regard local incorporation as a very positive development for the local market."
Richard Yorke said: "The CBRC approval represents a milestone in our unremitting efforts to broaden our business offerings to our customers in line with our commitment to the China market. We look forward to launching our locally incorporated company at the earliest possible date upon the completion of the commercial registration process."
In accordance with China's new regulations on foreign banks, locally incorporated foreign banks will be able to apply for expanding RMB services to domestic individuals in China. HSBC plans to roll out a wider range of RMB services as soon as possible.
Media enquiries to Dan Dan Chang on [86] (21) 3888 1807
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 10,000 offices in 82 countries and territories and assets of US$1,861 billion as at 31 December 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 35 outlets, including 14 branches (in Beijing, Chengdu, Chongqing, Dalian, Guangzhou, Hangzhou, Qingdao, Shanghai, Shenzhen, Suzhou, Tianjin, Wuhan, Xiamen and Xi'an) and 21 sub-branches (in Beijing, Dalian, Guangzhou, Qingdao, Shanghai, Shenzhen, Suzhou, Tianjin and Xiamen). HSBC has obtained regulatory approval to set up a branch in Shenyang, which is scheduled to be opened within the year. HSBC's China head office is based in Pudong, Shanghai.
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