HSBC to expand business in Chinese mainland
(Xinhua)
Updated: 2006-08-01 21:02
HONG KONG-- 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.
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 US$280 million 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.
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