UK bank HSBC has established a plan to invest heavily in staff and network support by next year in preparation for the full regulatory opening of the Chinese banking sector.
HSBC’s Chinese presence is currently conducted through its 20% holding in China’s fifth-largest lender Bank of Communications. However it has recently won a license to open a representative office for private banking services in Shanghai and with further opportunities available once the Chinese market has fully opened up, the bank has implemented a strategy to take advantage of the changes.
Central to HSBC’s expansion plan is the significant development of its regional retail network presence, which will be complimented by the hiring of 2,000 new staff by 2007. The lender intends to increase its branch presence to 30 by the end of this year, focusing on Shenzhen, Guangzhou, Shanghai and Beijing.
We look forward to the full market opening by the end of this year, and have made further investments in people and the network, HSBC’s China chief executive Richard Yorke said.