HSBC to expand business in Chinese mainland
(Xinhua)
Updated: 2006-08-02 14:40
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.
Chairman of
HSBC Asia Pacific Vincent Cheng (From L to R) , Group Chairman of HSBC
Holding Plc Stephen Green and CEO of HSBC Asia Pacific Michael Smith
attend a news conference in Hong Kong July 31, 2006.
[Reuters] | 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 280 million U.S. dollars 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.
(For more biz stories, please visit Industry Updates)
|
