HSBC incorporates local branches in China
The change follows WTO rules to level the playing field with local banks.
In a major change to the status of the bankÆs China operations, HSBC has incorporated its China operations into a new entity, namely HSBC Bank China.
HSBC Bank China has a registered capital of Rmb8 billion, just under $1 billion bringing HSBC's total investment to $5 billion.
Previously, the bankÆs branches in China were part of the Hong Kong and Shanghai Banking Corporation, which is incorporated in Hong Kong, and thus not treated on a par with mainland...
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