HSBC launches locally incorporated bank in http://www.hsbc.com/1/2/newsroom/news/news-archive-2007/-l...

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HSBC launches locally incorporated bank in China

02 April 2007 HSBC Bank (China) Company Limited, the locally incorporated unit of The Hongkong and Banking Corporation Limited, has started operations throughout mainland China. Its registered capital of RMB8 billion is believed to be one of the largest of any of the foreign banks undergoing local incorporation in China. Moody's has assigned a credit rating on HSBC Bank (China) Company Limited of local and foreign-currency deposit ratings of A2 (long-term) and Prime-1 (short term), with a positive outlook on the deposit ratings. The ratings are the highest possible for a locally incorporated bank in China. The HSBC Group's total investment in China exceeds US$5 billion, including its organic operations and its investments in Chinese financial institutions. Pre-tax profit from mainland China operations including investments more than doubled in 2006 to US$708 million, making China the single-largest country contributor to the Group's Asia-Pacific earnings excluding . The new entity currently has more than 3,000 staff, up from the 2,700 employed at HSBC's China operations at year-end 2006. The Bank has the largest network of any foreign bank in China with 35 outlets, comprising 14 branches and 21 sub-branches, plus an ATM network of more than 80 machines across the country. HSBC Bank (China) Company Limited is a 100% owned subsidiary of The Hongkong and Shanghai Banking Corporation Limited, which is in turn a 100% owned subsidiary of HSBC Holdings plc. , Chairman of HSBC Bank (China) Company Limited and its parent, said: "Today we open a new chapter in the Bank's 142-year history in China and underline HSBC's long-term commitment to the country. Local incorporation supports our two-pronged China strategy, increasing our ability to achieve organic expansion and creating greater opportunities for co-operation with our strategic partners. My combined role as Chairman of both the new entity and its parent company illustrates the importance we place on the China market as part of the Group's overall strategy for the Asia-Pacific region." Richard Yorke, President and Chief Executive Officer of HSBC Bank (China) Company Limited, said: "This is a historic milestone for the Bank and will allow us to continue to expand both our geographic reach and the product range we can offer to our customers. We are ready to roll out services to domestic individuals upon approval from our regulators and will look to open new service outlets in the near future. More than 1,000 new staff will be recruited to support our expansion plans this year." HSBC Bank (China) Company Limited has incorporated the previous mainland China offices of The Hongkong and Shanghai Banking Corporation Limited. The latter retains a branch in Shanghai solely to conduct limited foreign currency wholesale business. Media enquiries to Dan Dan Chang on [86] (21) 3888 1807 HSBC Bank (China) Company Limited HSBC Bank (China) Company Limited started operations in Shanghai in April 2007 as a wholly-foreign-owned bank solely owned by The Hongkong and Shanghai Banking Corporation Limited. HSBC Bank (China) incorporated the previous mainland China offices of The Hongkong and Shanghai Banking Corporation Limited. HSBC China's network currently comprises 35 outlets, including 14 branches (in Beijing, Chengdu, Chongqing, Dalian, Guangzhou, Hangzhou, Qingdao, Shanghai, Shenzhen, Suzhou, Tianjin, Wuhan, Xiamen and Xi'an) and 21 sub-branches (in Beijing, Dalian, Guangzhou, Qingdao, Shanghai, Shenzhen, Suzhou, Tianjin and Xiamen). HSBC China has obtained regulatory approval to set up a branch in Shenyang, which is scheduled to be opened within the year. HSBC China's headquarter is based in , Shanghai. The Hongkong and Shanghai Banking Corporation Limited Established in Hong Kong and Shanghai in 1865, The Hongkong and Shanghai Banking Corporation Limited is the founding and a principal member of the HSBC Group. With around 10,000 offices in 82 countries and territories and assets of US$1,861 billion as at 31 December 2006, the HSBC Group is one of the world's largest banking and financial services organisations.

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