BIZCHINA / Overseas Investment
HSBC to expand business in Chinese mainland
(Xinhua)
Updated: 2006-08-02 14:40
Stephen Green, chairman of the global banking giant HSBC Holdings PLC
said in Hong Kong on Tuesday that the group is to put more investment on
business expansion in the Chinese mainland.
Chairman of HSBC Asia Pacific Vincent Cheng (From L to R) , Group
Chairman of HSBC Holding Plc Stephen Green and CEO of HSBC Asia Pacific
Michael Smith attend a news conference in Hong Kong July 31, 2006.
[Reuters]
He said at a press conference that the group expected to expand
commercial and personal banking services in the Chinese mainland.
Green said the group also expected to promote the retail banking business
through cooperating with the Bank of Communications.
The group announced on Monday that it obtained 280 million U.S. dollars
of profit before tax in the Chinese mainland in 2005, up 74 percent over
the previous year.
Michael Smith, chief executive of Hong Kong and Shanghai Banking
Corporation Limited, said at the press conference that the group is to
promote its Chinese mainland business by depending on the existing 33
branches in the Chinese mainland.
He said within the framework of existing policies, the group is seeking
to launch more cooperative projects in the Chinese mainland, including
seeking partners in both security and insurance sectors.
HSBC Holdings PLC reported on Monday a 15 percent rise in its net profit
in the first half of 2006.
(For more biz stories, please visit Industry Updates)
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