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HSBC has obtained approval from the China Banking Regulatory Commission (CBRC) to open a branch in Hangzhou. This will be HSBC’s 13th branch in mainland China.

Richard Yorke, CEO China, says: “We are delighted to have obtained CBRC approval to open a branch in Hangzhou, where the demand for financial services has rapidly grown. In recent years, Hangzhou has attracted considerable overseas and domestic investors and HSBC is committed to meeting our customers” needs for first-class banking services.” Preparations are under way to inaugurate the new branch once further operational licensing approvals are obtained. HSBC plans to offer at its Hangzhou branch a full range of foreign currency services to local and foreign-invested enterprises, Chinese citizens, foreign nationals and residents from Hong Kong, Macau and Taiwan. The services to be offered will include deposits, loans, bills and drafts discounting, letters of credit and guarantees and foreign exchange services.

HSBC’s network in mainland China comprises 21 outlets, including 12 branches (Beijing, Chengdu, Chongqing, Dalian, Guangzhou, Qingdao, Shanghai, Shenzhen, Suzhou, Tianjin, Wuhan and Xiamen) and nine sub-branches (Beijing, Guangzhou, Shanghai, Shenzhen and Tianjin).