HSBC to launch China-based unit next week

29 March 2007

HSBC has announced it will launch a China-based unit as soon as next week, after hearing it had been granted a business license from Shanghai government bodies.

China's banking regulator the State Administration of Industry and Commerce also granted certificates of incorporation for Citigroup, Bank of East Asia and Standard Chartered.

The granting of approval will enable the bank to obtain certificates for its other branches, which are expected to be granted later today.

HSBC China chief executive Richard Yorke told Forbes. "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."

Mr Yorke also added the bank intends to implement yuan services as soon as the regulatory process is complete.

Standard Chartered, meanwhile, has announced that the company will begin trading in its new form as of April 2nd.

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