HSBC: More Branches Planned
HSBC, Europe’s largest lender, announced its plans in early April to open branches in China as soon as it gets permission from relevant authorities and expand its presence by more than 50% before the end of this year.
Last year, the bank saw its operating income up by 44.2%, or $451 on the mainland, thanks to China’s sustained economic growth and the opening of new business areas in line with the country’s WTO commitments.
Richard Yorke, president and CEO of HSBC China, stressed the bank’s strong commitment to the mainland by saying, “Since our local incorporation a year ago, HSBC China has strengthened its position as the leading international bank.” The bank’s “robust growth was achieved despite the associated costs of our rapid network expansion, which saw a 74.3% increase in service outlets. This shows HSBC China is profitable and that our rapid expansion is being conducted at a sustainable pace,” he added.
Already increasing its outlets from 35 to 66 last year, the bank, which holds a stake in Bank of Communications, said it will add 2,000 to 2,500 staff member to its current 4,900 in China.
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