HSBC Opens Outlet in Shanghai Free Trade Zone
Published: January 28, 2014
HSBC Bank (China) Company Limited (“HSBC China”) today opened its Shanghai Pilot Free Trade Zone Sub-branch (“HSBC Shanghai FTZ Sub-branch”), focusing initially on servicing corporate customers with cross-border financial needs in the pilot zone.
Under the current regulatory framework of the China (Shanghai) Pilot Free Trade Zone (“Shanghai FTZ”), the new outlet offers a range of banking services, such as account opening, cross-border payment and settlement in multiple currencies. Its service scope and business scale are set to expand further as policies governing the zone evolve.
Helen Wong, Deputy Chairman, President and Chief Executive Officer of HSBC China, said: “The launch of our new outlet in the Shanghai FTZ signals another concrete step that HSBC is taking to participate actively in supporting China’s financial reforms. We will leverage this platform as we continue our efforts in advancing product and service innovations. As a leading international bank, HSBC is ideally positioned to deliver our cross-border expertise into the zone to meet our customers’ financial needs for trade and investment and to support the development of China’s real economy.”
Headquartered in Shanghai, HSBC China is among the first foreign banks approved to establish a presence in the zone. With the widest geographical coverage and the largest scale among all foreign banks in mainland China, HSBC continues to stand at the forefront in supporting the country’s financial reforms, maintaining its leadership among foreign banks in renminbi internationalisation and other financial market innovations.