HSBC, BEA win approval to open outlets in Shanghai FTZ
Print Edition
HSBC and Bank of East Asia received regulatory approval to open a sub-branch in Shanghai’s pilot free trade zone, joining Citigroup and DBS Bank with a presence in the zone.
HSBC China said it has been approved to set up an outlet in the FTZ in an e-mailed statement over the weekend. The British-based lender is the biggest foreign bank on China’s mainland by assets and branch network.
Helen Wong, president and chief executive officer at HSBC China, said its new FTZ outlet, set to open early next year, will actively participate in banking innovation projects in the zone. The outlet will initially focus on global banking services and the range of services will be extended according to future policy specifics.
The Chinese unit of BEA, Hong Kong’s biggest local lender, said in a separate statement that financial regulators have given it the green light to set up a sub-branch in the zone.
Overseas banks are also allowed to form joint venture banks with private capital in the zone.
Citigroup and DBS got the nod for new outlets in the FTZ on September 29, when the zone officially opened, along with eight major Chinese banks.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
