HSBC obtains final regulatory approval for local incorporation in China
The Hongkong and Shanghai Banking Corporation Limited is pleased to announce that it has received final approval for local incorporation from the China Banking Regulatory Commission (CBRC), becoming one of the first foreign banks to have been approved to set up a wholly foreign owned bank in the fast-growing China market.
The new entity will be named HSBC Bank (China) Company Limited and will be fully owned by its parent, The Hongkong and Shanghai Banking Corporation Limited. Vincent Cheng, Chairman of The Hongkong and Shanghai Banking Corporation Limited will be Chairman of the new company. Richard Yorke, Chief Executive Officer of HSBC China, will serve as President and Chief Executive Officer of the new company. Candidates for the Board of Directors have been confirmed.
Vincent Cheng said: “We are delighted to have received CBRC’s final approval for incorporating our China business in Shanghai, where HSBC has had a continuous presence for 142 years. China is a very important market to HSBC and we regard local incorporation as a very positive development for the local market.”
Richard Yorke said: “The CBRC approval represents a milestone in our unremitting efforts to broaden our business offerings to our customers in line with our commitment to the China market. We look forward to launching our locally incorporated company at the earliest possible date upon the completion of the commercial registration process.”
In accordance with China’s new regulations on foreign banks, locally incorporated foreign banks will be able to apply for expanding RMB services to domestic individuals in China. HSBC plans to roll out a wider range of RMB services as soon as possible.
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