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HSBC discusses Shanghai bourse listing

THE Hongkong and Shanghai Banking Corp has indicated its interest to China Securities Regulatory Commission in listing in Shanghai, Vincent Cheng, chairman of HSBC, said yesterday in Shanghai.

The bank also wants to issue yuan-backed bonds, Cheng said on the sidelines of the Lujiazui Forum yesterday. He declined to disclose the scale of issuance.

The bank will continue its expansion on the Chinese mainland and support Shanghai's rise as a major financial hub by 2020 but will also keep its strong base in Hong Kong, he said.

"Shanghai and Hong Kong are the two most significant cities for us and we won't drop our development in Hong Kong with the rise of Shanghai," he said.

HSBC China, the locally incorporated arm of HSBC, will move into a new office building in Shanghai with more space in 2010 in line with its expansion on the mainland.

"We hope to increase our credit and business on the mainland," he said.

HSBC said in March that it would be adding jobs and speeding up network expansion on the Chinese mainland this year.

The number of employees will rise by 1,000 from the current 5,500 by the end of the year. The bank had 79 outlets on the mainland at the end of last year and intends to increase that to 100 by 2010.

Meanwhile, the global accounting firm Deloitte will continue it expansion in China despite the economic slowdown, its China chief executive said yesterday at the forum.

The company will cautiously continue to grow, although the financial crisis and ensuing slowdown have curbed growth, said Chris Lu, chief executive officer of Deloitte China.

"Our current network of 11 offices is for sure not enough when we consider the huge China market," Lu said. "Expansion is definitely necessary. But when and where really depends on lots of factors."

The big-four accounting firm opened a Hangzhou office earlier this year and another office is in the pipeline within one month, he said.

The accounting firm will develop further into western China, such as Sichuan Province, he said.

Deloitte had adopted a no-pay holiday rule to keep talent rather than directly chop jobs.


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