HSBC opens new branch in southwest China

( 中国日报 )

Updated: 2011-09-07

HSBC is reinforcing its presence in Southwest China as it opened a new branch in Kunming, the capital city of Yunnan province.

Helen Wong, president and chief executive officer of HSBC Bank (China) Company Limited, said economic co-operation and bilateral trade between China and the Association of Southeast Asian Nations (ASEAN) have grown rapidly since the establishment of the China-ASEAN Free Trade Zone.

"ASEAN is now China's third largest trading partner and China's investment in the region continues to increase. The new branch is expected to boost the use of renminbi (RMB) in cross-border trade and investment," Wong said.

The new branch offers a comprehensive range of banking services in RMB and foreign currency to domestic and foreign enterprises including deposits and loans, trade services, and payment and cash management solutions.

"Yunnan's unique geographic location makes it China's important gateway to ASEAN. Leveraging our comprehensive network and cross-border capabilities, the new Kunming branch will support domestic enterprises looking to capture business opportunities in the region."

HSBC has offices in seven ASEAN countries - Brunei, Indonesia, Malaysia, Singapore, Thailand, Philippines and Vietnam.

China-ASEAN bilateral trade volumes have increased 37-fold over the past 20 years. In the first half of 2011, bilateral trade reached $171.1 billion, a 25 percent rise compared with the same period last year. It also represented 10 percent of China's total trade volume in the same period, according to China's Ministry of Commerce. Bilateral trade volume will reach $500 billion by 2015, predicted the ministry.

By end of June this year, China-ASEAN bilateral investment reached an accumulated value of approximately $80 billion.