Global banking giant Hong Kong and Shanghai Banking Corporation (HSBC) will open its service center in Shanghai next year, after having set up its first center in China's mainland in the southern city of Guangzhou.
The center is expected to handle the HSBC's data input and account processing business in Hong Kong and other Asian branches.Moreover, it will provide service to the corporation's branches in Canada and other regions.
HSBC officials said all logistics work of HSBC will be moved to Shanghai when the center starts operation to keep down costs.
With approval of the Shanghai authority, HSBC will establish a data processing company to manage the center.
The HSBC moved its China headquarters from Hong Kong to Pudong in Shanghai last year.
About the HSBC Group: Headquartered in London, HSBC Holdings plc is one of the largest banking and financial services organisations in the world. The HSBC Group's international network comprises some 6,500 offices in 78 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.
(People's Daily November 6, 2001)
