HSBC China news

28 February 2008

HSBC Bank (China) Company Limited's Changsha Branch officially opens today, making HSBC the first foreign bank to enter China's central Hunan Province, of which Changsha is the capital. With the new branch, the Bank's Mainland network now encompasses 62 outlets including 17 branches and 45 sub-branches across 17 major cities, with a total staff complement of more than 4,800 people.

Richard Yorke, President and Chief Executive Officer of HSBC China, said: "Growing our geographic footprint is an important part of our China strategy. We are pleased to open a branch in Changsha - an important centre for culture and industry in central China. Being the first foreign bank in Hunan Province, HSBC looks forward to supporting our customers and local economic development through our international financial services."

The HSBC Changsha Branch has obtained its (renminbi) RMB licence in addition to the foreign currency licence and will at the initial stage focus on providing corporate banking services. Using HSBC's international network and expertise, the new branch offers a comprehensive range of banking services in RMB and foreign currency to domestic and foreign companies, including tailor-made business finance solutions, deposit and loan services, letters of credit and guarantee as well as foreign exchange, trade and cash management services.

Gina Jin, Changsha Branch Manager, said: "We are delighted with our RMB licence, which will enable us to serve corporate customers in Hunan better. HSBC China now provides RMB services to corporate customers from 17 cities, the widest geographical reach for any foreign bank in mainland China."

Located in downtown Changsha on the 18th floor of Dolton Hotel, HSBC Changsha Branch has a staff complement of around 30 people. The branch is equipped with an ATM on the ground floor of the Dolton Hotel, providing 24-hour banking services.