HSBC banks on going deeper into rural areas
By Zhang Fengming |
00:59 UTC+8 December 29, 2009
|
Print Edition
Print Edition
HSBC said yesterday it has opened two more rural banks in China as it seeks to penetrate deeper into the rural financing industry in the country.
Dalian Pulandian HSBC Rural Bank Co Ltd opened yesterday in Liaoning Province to be HSBC's first rural bank in northeastern China. On December 21, it opened another rural bank, Chongqing Fengdu HSBC Rural Bank Co Ltd. They will provide full banking services, including deposits and lending, to local small and medium businesses and residents.
"HSBC is committed to bringing our global rural finance expertise into China's countryside to help develop a sustainable model of finance and to contribute to the local economy," said Elton Lee, head of HSBC's rural banking business in China.
Its rural banking network covers the western, central, eastern, northern and northeastern regions of Chinese mainland, with seven rural banks in Chongqing and Beijing as well as the provinces of Hubei, Fujian, Guangdong and Liaoning.
HSBC, the first foreign financial institution to set up a rural bank in China, is taking heed of the Chinese government's call to support the rural economy.
China plans to raise rural banks by more than 10 times to 1,027 by 2011.
Dalian Pulandian HSBC Rural Bank Co Ltd opened yesterday in Liaoning Province to be HSBC's first rural bank in northeastern China. On December 21, it opened another rural bank, Chongqing Fengdu HSBC Rural Bank Co Ltd. They will provide full banking services, including deposits and lending, to local small and medium businesses and residents.
"HSBC is committed to bringing our global rural finance expertise into China's countryside to help develop a sustainable model of finance and to contribute to the local economy," said Elton Lee, head of HSBC's rural banking business in China.
Its rural banking network covers the western, central, eastern, northern and northeastern regions of Chinese mainland, with seven rural banks in Chongqing and Beijing as well as the provinces of Hubei, Fujian, Guangdong and Liaoning.
HSBC, the first foreign financial institution to set up a rural bank in China, is taking heed of the Chinese government's call to support the rural economy.
China plans to raise rural banks by more than 10 times to 1,027 by 2011.
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