New branch is at Yangzhou City.
The Yangzhou City branch also became the first foreign bank in northern Jiangsu Province. HSBC said its branch network is important to the bank’s development on the mainland in terms of deposits and trade settlement.
HSBC’s mainland branch network employs over 10,000 staff. The bank intends to capture both onshore and offshore demand for financial services.
Bank officials said earnings of the banking group related to the mainland businesses were robust. The growth rates for the past three years were 93% in 2010, 230% in 2011 but a massive drop to 12% in 2012.
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