HSBC sees new opportunities in China under CEPA 6

HSBC might expand in Guangdong after the China Banking Regulatory Commission readies for processing Hong Kong banks' applications to open sub-branches.

"This liberalisation measure not only enhances the status of Hong Kong as a regional financial centre but it also provides banks in Hong Kong with excellent business opportunities in the Pearl River Delta, an important economic zone of China," Peter Wong, Executive Director, HSBC Limited, said about Supplement VI to the Mainland and Hong Kong Closer Economic Partnership Arrangement or CEPA.

"HSBC is the largest foreign bank in mainland China, with 90 outlets in 20 cities including 19 in Guangzhou, Shenzhen and Dongguan. We are well positioned to take advantage of the opportunities presented by the new arrangement. As part of our China business strategy, we will proactively consider expanding our service points to different locations in the Guangdong Province to enhance the quality and efficiency of banking services provided to individuals and enterprises in the Mainland," said Wong.