hsbc-scores-china-custody-win

HSBC scores China custody win

The firm becomes the first foreign bank to receive approval to offer custody services to PRC banks with overseas wealth management services.
HSBCÆs regional custody business has scored a major boon in China, becoming the first foreign bank to receive approval from regulators to offer selected custodian services to mainland banks.

According to the firm, it has been granted permission by the China Banking Regulatory Commission CBRC to offer its services only to banks with qualified overseas wealth management services. The approval comes at a time when global custodians are vying for business under the recently launched Qualified Domestic Institutional Investor QDII scheme.

Under the QDII program, HSBC will offer an array of services to the select number of Chinese banks with overseas wealth management capabilities and licensing. The services will include the opening of domestic...
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