Overseas banks are quickly expanding their networks in China, with players like HSBC, Standard Chartered and Bank of East Asia (BEA) posting branch plans this week.

Standard Chartered Bank (China) said yesterday it has received approval from the China Banking Regulatory Commission to open a Hangzhou branch as its first foray in Zhejiang Province.

Standard Chartered will begin preparatory work for business operations over the next few months. Upon receipt of the operational license, the Hangzhou branch will provide full foreign currency services for corporations, local residents, foreigners and permanent residents of Hong Kong, Macau and Taiwan. This expansion will extend Standard Chartered's mainland network to 13 branches.

Meanwhile, more banks are joining the expansion spree. BEA said on Thursday that it has gained approval to establish a branch in Tianjin, which it plans to open the Tianjin branch during the first quarter of 2008.

BEA has also won approval for a branch in Nanjing in Jiangsu Province, which is scheduled to open before the end of this year. Bank of East Asia opened its first branch in central China this month, in Wuhan. The branch is BEA's 14th branch on the Chinese mainland.

HSBC Bank (China) is also extending its branch network in central China, the Pearl River Delta and the Yangtze River Delta areas. HSBC China has obtained approval to set up a branch in Changsha, Hunan Province, HSBC said this week.

Last update : Tuesday, 25 September 2007

Keywords : Overseas Banks, Expansion, HSBC, Standard Chartered, BEA

Average user rating

   (0 vote)