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HSBC opens 150th outlet in mainland

By Hu Xiaocen | August 15, 2013, Thursday | Online Edition

HSBC opened its 150th outlet in China’s mainland today with a new branch in Yangzhou city, which also became the first foreign bank in northern Jiangsu Province.

HSBC officials said their branch network is important to the bank’s development on the mainland in terms of deposits and trade settlement.

China is expected to become the biggest export and import country by 2015, Peter Wong, HSBC chief executive for Asia Pacific and chairman for China, said in Yangzhou today.

The wholly owned Chinese subsidiary now has over 10,000 staff on the mainland, where it aims to capture both onshore and offshore demand for financial services. The government regulates the number of branches that banks can open.

Bank officials said earnings of the banking group related to the mainland businesses were robust. According to Wong, the growth rates for the past three years were 93 percent in 2010, 230 percent in 2011, and — in a sharp drop — 12 percent in 2012.

HSBC said they managed to expand their balance sheet for China with increases in both loans and deposits during the first six months, but like most foreign banks, they did not disclose detailed financial figures for their operations on the mainland.

The growth of earnings in China is sustainable in future but is not expected to be as high as that in the past three years given economic uncertainties in the global markets, Wong said.

HSBC, one of the world’s largest banking groups, is based in London. The origins of the bank lie in Hong Kong and Shanghai, where branches were first opened in 1865. The name is derived from the initials of the Hongkong and Shanghai Banking Corp Ltd.

 

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