HSBC Bank (China) Co Ltd opened a branch in Dongguan, Guangdong Province yesterday, reinforcing its presence in the fast-growing Pearl River Delta region.

 

The new branch brings HSBC's network to 53 service outlets across the country - the widest reach of any foreign bank on the mainland.

 

Bryan Stiles, deputy chief executive officer of HSBC China, said: "At the heart of the region, Dongguan enjoys a strategic location where businesses from Hong Kong and Taiwan congregate, and a large number of Chinese small and medium-sized enterprises (SMEs) are based, creating strong demand for both commercial banking and personal financial services."

 

The new branch will offer a comprehensive range of banking services in foreign currency to both companies and individuals, including corporate finance, deposits and loans, trade services and cash management.

 

"Since SMEs play an important role in China's economy, we are committed to contributing further to this important sector by providing international banking services," he said.

 

Stiles said the company will soon launch a premier SME service on the mainland, targeting companies in the Pearl and Yangtze River Delta regions.

 

"Network expansion is part of our organic growth in China," Stiles said, adding that the network will span about 60 mainland outlets by the end of this year.

 

"We have obtained approval to set up a branch in Changsha, which is planned to be opened in early 2008, and we have applied for a branch in Ningbo, pending regulatory approval."

 

Stiles said the company is preparing to launch renminbi services in Dongguan to companies and individuals when it gets approval.

 

HSBC provides renminbi services in 15 cities to corporate customers, and in 14 cities to individual customers on the mainland.

 

(China Daily November 29, 2007)