HSBC set to expand business
By Zhang Fengming |
00:32 UTC+8 March 2, 2011
|
Print Edition
Print Edition
HSBC Holdings Plc targets to open 15 outlets and two to three rural banks in China to expand business in its key growth market, its Asia Pacific chief executive said yesterday.
HSBC has 106 outlets in 27 cities on Chinese mainland and 16 rural bank outlets while its affiliate, Hang Seng Bank, has 38 branches.
"HSBC will continue to expand network and grow our team to beef up our organic growth in Asia," said Peter Wong, chief executive of the Hongkong and Shanghai Banking Corp Ltd, or the Asia-Pacific arm of HSBC. "We eye more credit, higher non-interest income from insurance and wealth management products and more value under cross-selling."
The bank opened 50 new outlets in Asia Pacific and grew its staff by 5 percent last year.
In China, HSBC's profit soared 94 percent to US$215 million in 2010 through organic growth. Its returns from Bank of Communications and Ping An Insurance (Group) Corp earned US$1.84 billion last year. HSBC grew its credit in China by a "dramatic" 45 percent last year with interest income rising on China's interest rate rises.
Wong disclosed that new regulations requiring higher capital won't derail the bank's planned listing on China's yuan-backed international board in Shanghai.
"We're all ready for the Shanghai listing, once the regulators give the go-ahead, we can list here," Wong said. "We have plenty of capital for China market."
Chinese officials have said the new board may debut this year. HSBC Chief Executive Stuart Gulliver warned on Monday the planned listing in Shanghai may not occur until 2012 if it doesn't take place in the next few months.
HSBC has set up HSBC Bank (China) Ltd, Hang Seng Bank (China) Ltd, and HSBC Life Insurance Co, all based in Shanghai, as wholly-owned mainland subsidiaries to tap China's economic growth.
HSBC has 106 outlets in 27 cities on Chinese mainland and 16 rural bank outlets while its affiliate, Hang Seng Bank, has 38 branches.
"HSBC will continue to expand network and grow our team to beef up our organic growth in Asia," said Peter Wong, chief executive of the Hongkong and Shanghai Banking Corp Ltd, or the Asia-Pacific arm of HSBC. "We eye more credit, higher non-interest income from insurance and wealth management products and more value under cross-selling."
The bank opened 50 new outlets in Asia Pacific and grew its staff by 5 percent last year.
In China, HSBC's profit soared 94 percent to US$215 million in 2010 through organic growth. Its returns from Bank of Communications and Ping An Insurance (Group) Corp earned US$1.84 billion last year. HSBC grew its credit in China by a "dramatic" 45 percent last year with interest income rising on China's interest rate rises.
Wong disclosed that new regulations requiring higher capital won't derail the bank's planned listing on China's yuan-backed international board in Shanghai.
"We're all ready for the Shanghai listing, once the regulators give the go-ahead, we can list here," Wong said. "We have plenty of capital for China market."
Chinese officials have said the new board may debut this year. HSBC Chief Executive Stuart Gulliver warned on Monday the planned listing in Shanghai may not occur until 2012 if it doesn't take place in the next few months.
HSBC has set up HSBC Bank (China) Ltd, Hang Seng Bank (China) Ltd, and HSBC Life Insurance Co, all based in Shanghai, as wholly-owned mainland subsidiaries to tap China's economic growth.
- 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.
