hsbc-incorporates-local-branches-in-china

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 banks. The Hong Kong and Shanghai Banking Corporation is the founding and principal member of HSBC Group, according to the press release which announced the news.

As a result of that earlier status, the rate...

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