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HSBC Opens First Sub-branch in Suzhou

The first sub-branch of HSBC in Suzhou went into business operation at Xuanmiao Square, downtown Suzhou, on Jan. 30. This is the first time a foreign-funded bank sets up an urban sub-branch in Jiangsu Province. Statistics from Jiangsu Banking Supervisory Bureau show that by the end of last year, 9 foreign banks have set up business branches in the province, of which 4 are located in Suzhou: HSBC Suzhou Branch, DBS Suzhou Branch, Sumitomo Mitsui Banking Corporation Suzhou Branch, and Standard Chartered Suzhou Branch. Cao Furu, Executive Member of CPC Suzhou Municipal Committee and Deputy Mayor of Suzhou, Attended the opening ceremony of HSBC Sub-branch.

HSBC Group is one of the largest banks and financial groups in the world and the largest foreign-funded bank in Mainland China. HSBC Suzhou Branch was established in SIP in October 2004 with operating capital of 200 million RMB equivalent of US dollars. Its business ranges from foreign exchange services to deposits, loans, vouchers, LC, guarantee, and foreign exchange transactions. The newly opened sub-branch will start personal financial services for local residents.

Jan. 31, 2007

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