HSBC has announced that its subsidiary, Chongqing Dazu HSBC Rural Bank Company, has opened for business in western China.

With a paid-up capital of RMB40 million and a staff complement of 20, Dazu HSBC Rural Bank will provide financial services to local rural enterprises and individuals, including deposits and loans through supply chain financing.

As business grows, the bank plans to roll out more products and services to meet the local rural economy, including the provision of loans to farmers through collaboration with farming associations.

Vincent Cheng, chairman of HSBC, said: The establishment of Chongqing Dazu HSBC Rural Bank is an important part of growing our rural finance business in mainland China. HSBC seeks to bring its international experience to the rural market in China and support the development of a sustainable rural economy.