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August 3, 2009

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Home » Business » Finance

HSBC China claims top honor for 8th year

HSBC China has been named the best foreign commercial bank on the Chinese mainland for this year by FinanceAsia, a leading financial publication.

This was the eighth year that HSBC China claimed the top honor.

"HSBC continued to rack up very healthy profit growth despite its rapid expansion," FinanceAsia said.

"In the review period, it increased its number of outlets by 25 percent, significantly expanding what was already the largest footprint of any foreign bank," the magazine pointed out.

"The bank has a forward-looking approach to expansion: by opening branches in second tier-cities, such as Zhengzhou and Ningbo, it is planting seeds in the areas that are becoming increasingly important contributors to China's economic growth," the magazine said.

Richard Yorke, president and chief executive officer of HSBC Bank (China) Co, said that despite the challenges posed by the financial crisis on financial institutions, "HSBC China sustained growth in the past year and further expanded our network and services" on the Chinese mainland.


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