HSBC will open two more rural banks
By Zhang Fengming |
May 21, 2010, Friday
|
Print Edition
Print Edition
HSBC has gained regulatory approval to open two rural banks in China, the lender said yesterday.
The lender will open one bank in Rongchang County, Chongqing, and another in Tianmen, Hubei Province, during the second half of this year.
The new banks will increase the lender's total to nine rural banks. HSBC has the biggest network in the country among foreign-owned banks, covering central, western, eastern, northern and northeastern China.
HSBC is taking heed of the central government's call to support the rural economy.
China plans to increase the number of rural banks by more than 10 times to 1,027 by 2011.
The increase will concentrate on counties in central and western China that rely heavily on agriculture as well as areas with low financial coverage, the China Banking Regulatory Commission said last year.
China began trials for new types of financial institutions in rural areas in 2006. These include rural banks and rural lending companies.
The lender will open one bank in Rongchang County, Chongqing, and another in Tianmen, Hubei Province, during the second half of this year.
The new banks will increase the lender's total to nine rural banks. HSBC has the biggest network in the country among foreign-owned banks, covering central, western, eastern, northern and northeastern China.
HSBC is taking heed of the central government's call to support the rural economy.
China plans to increase the number of rural banks by more than 10 times to 1,027 by 2011.
The increase will concentrate on counties in central and western China that rely heavily on agriculture as well as areas with low financial coverage, the China Banking Regulatory Commission said last year.
China began trials for new types of financial institutions in rural areas in 2006. These include rural banks and rural lending companies.
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