More branches of HSBC
HSBC, the largest usurer in Europe, announced yesterday that it plans to open branches in China the moment it get the authorities’ permission and expand the population of its staff by over 50 percent by the end of this year.
On the celebration of its first anniversary of local incorporation, which holds a stake in Bank of Communication, said that its headcount will be increased to 6,900 or 7400 from its current 4,900 in China, which is twice as many as the number of March 2007.
The bank has also added 31 outlets to its current 35 in the past year, up more than 80 percent.
“Since our local incorporation a year ago, HSBC has had its position as the leading international bank reinforced,” said Richard Yorke, president and CEO of HSBC China, emphasizing the bank’s promise to the mainland.
Inspired by China’s consistent economic growth and new business accesses for banks that came along with the country’s full market opening which is China’s WTO commitments, the bank’s operation income in last year was up 44.2 percent, that is $451 million on the mainland.
“Despite the correlative cost of our rapid net expansion, which is a 74.3 percent increase, we witnessed a sturdy growth. This proves that HSBC China is profitable and that our rapid expansion is operated at a sustainable pace,” he added.
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