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HSBC to open two rural banks in China
By Zhang Fengming |
May 20, 2010, Thursday
|
Online Edition
Online Edition
HSBC has gained regulatory approval to open two rural banks in China to deepen its roots in the developing rural area, the bank said today.
HSBC will open one rural bank in Rongchang County in Chongqing in western China and another in Tianmen, Hubei Province in central China, in the second half of this year.
It will have nine rural banks in China, or 14 rural bank outlets, as the overseas bank holding the biggest network in the country, covering central, western, eastern, northern and northeastern China.
HSBC, the first overseas 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 the number of rural banks by more than 10 times to 10,027 by 2011.
The increase will concentrate on regions of central and western China that rely heavily on agriculture and also areas with low financial coverage, said the China Banking Regulatory Commission.
China began trials for new types of financial institutions in rural areas, such as rural banks and rural lending companies, in 2006.
The country is taking a number of measures to support rural economic and social development to achieve a balanced growth between the countryside and urban areas.
Foreign banks such as HSBC and Standard Chartered Bank have opened rural banks in China while Citibank has opened lending companies.
HSBC will open one rural bank in Rongchang County in Chongqing in western China and another in Tianmen, Hubei Province in central China, in the second half of this year.
It will have nine rural banks in China, or 14 rural bank outlets, as the overseas bank holding the biggest network in the country, covering central, western, eastern, northern and northeastern China.
HSBC, the first overseas 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 the number of rural banks by more than 10 times to 10,027 by 2011.
The increase will concentrate on regions of central and western China that rely heavily on agriculture and also areas with low financial coverage, said the China Banking Regulatory Commission.
China began trials for new types of financial institutions in rural areas, such as rural banks and rural lending companies, in 2006.
The country is taking a number of measures to support rural economic and social development to achieve a balanced growth between the countryside and urban areas.
Foreign banks such as HSBC and Standard Chartered Bank have opened rural banks in China while Citibank has opened lending companies.
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