HSBC Bank (China)
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| HSBC Bank (China) Company Limited | |
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| Type | Subsidiary of HSBC Holdings plc |
| Founded | 2007 |
| Headquarters | Shanghai, China |
| Key people | Vincent Cheng, Chairman Richard Yorke, President and CEO |
| Industry | Finance and Insurance |
| Products | Financial Services |
| Employees | 5,000 |
| Website | www.hsbc.com.cn |
HSBC Bank (China) Company Limited (simplified Chinese: 汇丰银行(中国)有限公司; often abbreviated as 汇丰中国) was one of the first foreign banks to incorporate locally in mainland China in 2007. It is part of the worldwide HSBC Group and is wholly owned by Hong Kong-based The Hongkong and Shanghai Banking Corporation Limited.
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[edit] Chinese banking
In mainland China, HSBC has the largest services network among foreign banks. The bank offers a full range of services that cater to both middle-class individuals and to business-oriented individuals as well, from a robust network of 37 main branches, and 23 smaller branches.[1]
HSBC having invested over USD5 billion in select mainland financial services entities and in the growth of its own operations, including a 19.90% stake in Bank of Communications, a 16.8% stake in Ping An Insurance, and an 8% stake in Bank of Shanghai.
[edit] History
HSBC established its Shanghai branch office on 3 April 1865, previous to other upstarts of HSBC, and indeed, as part of the historic English investment of Eastern Asian nations in the 19th century. Apart from the period 1941–1945, during which Japan forced HSBC and other foreign-invested banks to leave the local market, it has had a continuous presence in the city. HSBC was historically housed in one of the largest and most impressive buildings on The Bund, Shanghai's boulevard formerly known as the "Wall Street of the Orient". In April 1955, HSBC handed over this office to the Communist government, and its activities were continued in rented premises. Its activities were mainly in inward remittances and export bills until the economic reforms of the late 1970s. Chinese authorities had offered to lease HSBC its old headquarters on The Bund in 1995 but the offer was turned down. Currently HSBC is located in its own HSBC Tower across the river in the Pudong area of Shanghai, but its headquarters will be moved to Shanghai IFC in 2009.
[edit] Local incorporation
The China Banking Regulatory Commission announced on 24 December 2006 its approval for foreign banks to start their preparatory work for setting up local incorporations in mainland China. These foreign banks can launch the RMB retail business of below RMB1 million for Chinese domestic citizens after the inspection and confirmation by the relevant banking regulatory administration authorities. The Hongkong and Shanghai Banking Corporation was one of nine foreign banks to have applied for the incorporation. In 1 April 2007, the mainland China offices of The Hongkong and Shanghai Banking Corporation transferred to its subsidiary HSBC Bank (China), and it started operations in 2 April. The registered capital and paid-up capital of HSBC Bank (China) is equivalent to RMB8 billion. However, The Hongkong and Shanghai Banking Corporation still has a branch in Shanghai, which conducts foreign currency wholesale banking business.
[edit] See also
- HSBC Group
- The Hongkong and Shanghai Banking Corporation
- HSBC Rural Bank
[edit] External links
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