HSBC to further extend presence in China

Expansion involves establishing rural banking in line with government’s aim of providing financial assistance outside cities.

HSBC Holdings PLC said Friday it is capitalizing on China's fast-growing economy and a government-led campaign aimed at expanding rural financial services to ramp up its business in the country.

HSBC has 99 outlets across 23 cities in mainland China, a sharp increase from fewer than 30 in mid-2006, a year before China fully opened its banking industry to overseas competition.

This year, the U.K. lender plans to add around 20 outlets in China.

"We are focused on leveraging opportunities as quickly as we are able to," Richard Yorke, chief executive of HSBC Bank (China) Co., said on the sidelines of the annual Boao Forum, a gathering of government and business leaders on the southern Chinese island of Hainan. "Last year we opened 19 new outlets, including three new branches. We expect this year to be able to open at least that number."

View the full story in the Wall Street Journal.