UK-based lender HSBC has received approval from the China Banking Regulatory Commission (CBRC) to open a branch in Xi'an.
The bank said that the branch should be open within the year, subject to receiving an operational license from the CBRC. The new location will offer a full range of services to Chinese nationals, foreign nationals and residents.
Richard Yorke, CEO China at HSBC, said: We are delighted to be able to open a branch in Xi’an. We see great potential in the region which has attracted considerable overseas and domestic investments in recent years. HSBC looks forward to supporting the development of the local economy and meeting customers’ needs for international financial services.
HSBC’s network in mainland China currently comprises 23 outlets, including 12 branches and 11 sub-branches. Approval has been obtained to open a branch in Hangzhou this year. HSBC’s China head office is based in Pudong, Shanghai.