HSBC plans to launch China-incorporated unit early next week |
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Published
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Thu, 29 Mar 2007 07:33
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BEIJING (XFN-ASIA) - HSBC said it plans to launch a China- incorporated unit early next week after receiving a business license from the Shanghai municipal government today.The certificate of incorporation in Shanghai will allow HSBC's other branches to receive certificates from their local State Administration of Industry and Commerce, with the process expected to be completed later today, HSBC China chief executive Richard Yorke said.'This certificate enables the head office of our locally incorporated entity to be established in Shanghai. And with this certificate, all of our other branches will be able to complete their local commercial registration. We expect the process to be complete later today,' Yorke said.He added that HSBC will roll out yuan services as soon as it receives regulatory approval.HSBC is one of four banks approved by China's banking regulator to incorporate locally to offer retail services to mainland citizens. The others are Standard Chartered, Citigroup, and Bank of East Asia.will.davies@afxasia.com
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HSBC, Citi, StanChart, Bank of EAsia China units to provide yuan services UPDATE 