Tue, Aug 15, 2006 - Page 11 News List

HSBC to expand in China

GROWING FAST The banking giant announced plans to increase its number of outlets to over 30 and take advantage of relaxation following China's WTO entry

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Chairman Stephen Green said on Aug. 1 the bank will keep investing in China, focusing on providing "premier banking" through HSBC's outlets and on its ventures with Bank of Communications and Ping An.

Yorke yesterday reiterated HSBC's interest in buying into a securities firm and setting up its own life insurance venture, though he made no further details available.

HSBC's China operation recorded US$280 million of pretax profit in the first six months, an increase of 74 percent from a year earlier, according to its annual report.

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