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Richard Yorke, China chief executive officer of Hongkong and Shanghai Banking Corp Ltd
Updated: 2007-01-08 07:59  2007 is an important year for many banks in China as they enter the
renminbi business here for the first time, and HSBC is no
exception.
According to HSBC's CEO Richard Yorke, HSBC has put China at the
top of its list for expansion among emerging markets; no limit has been placed
on the amount of capital it may spend on expansion.
Network expansion is now
a key part of the bank's plans.
"We regard local incorporation as a positive
development for the local market," Yorke says. "We believe that local
incorporation will enable us to further expand our network and service range, in
particular our renminbi financing ability for the benefit of our customers."
"We have made preparations and are ready to submit our application to the
China Banking Regulatory Commission in line with the implementation guidelines,"
he says.
HSBC will be focusing on four cities Shenzhen, Guangzhou, Shanghai
and Beijing as its main retail banking markets.
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