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HSB receives approval to set up Beijing branch
Updated: 2004-11-18 14:24

Hang Seng Bank claimed Wednesday that it has received approval from the China Banking Regulatory Commission (CBRC) to start preparation work for opening a new branch in Beijing.

The new branch is expected to open in the second half of 2005.

Vincent Cheng, the bank's vice-chairman and chief executive, said Wednesday "we thank CBRC for their support in granting permission to Hang Seng to start preparation work for opening a new branch in Beijing."

He said Beijing has been attracting a great deal of foreign investment. The 2008 Olympic Games will add further impetus to the economic development of the city. The demand for financial services will also increase.

Cheng added that "the setting up of a branch in Beijing is an important step forward in our strategy to expand our business in the Chinese mainland. We hope that with the new branch, the bank can contribute to the economic development in Beijing and the neighboring region."

The bank's Beijing representative office opened in 1998.

Founded in 1933, Hang Seng Bank is a principal member of the HSBC Group and the second listed bank in Hong Kong in terms of market capitalization. It operates 160 branches and automated banking centers in Hong Kong and five branches in the Chinese mainland.

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