(January 27 2005 – China) HSBC has been given the green light to open branches in western China, a vast region with significant untapped potential for retail and business banking.Following approval from the China Banking Regulatory Commission, HSBC plans to turn its offices in Chongqing and Chengdu into major branches that offer foreign currency services.
This would take its total of mainland branches to 12.
HSBC will then seek regulatory approval to open more branches along China’s affluent west coast.
The bank is vying with rivals Citigroup and Standard Chartered to win share of China’s retail banking and to position itself for the opening up of the financial sector in 2007.