HSBC Bank (China) has opened its sub-branch in Shanghai’s pilot free trade zone to serve corporate customers with cross-border financial needs in the pilot zone.
The HSBC Shanghai FTZ Sub-branch will offer a range of banking services, such as account opening, cross-border payment and settlement in multiple currencies, according to The Asset.
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Additionally, the bank’s scope and business scale are set to expand further as policies governing the zone evolve.
Through this new outlet, the bank intends to participate actively in supporting China’s financial reforms.
Helen Wong, deputy chairman, president and CEO of HSBC China, said: "As a leading international bank, HSBC is ideally positioned to deliver our cross-border expertise into the zone to meet our customers’ financial needs for trade and investment and to support the development of China’s real economy."
HSBC China is among the first foreign banks approved to establish a presence in the zone. In October last year, HSBC has received regulatory approval to open a sub-branch in Shanghai’s pilot free trade zone.
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