Bangkok--6 Jan--Asian Banker
Hang Seng Bank (China) Limited (‘Hang Seng China’) will open its first cross-city sub-branch tomorrow in the Guangdong city of Foshan under “Supplement VI to the Mainland and Hong Kong Closer Economic Partnership Arrangement (‘CEPA VI’)”, which facilitates new levels of economic, trade and financial cooperation between mainland China and Hong Kong. The Foshan sub-branch will further optimise Hang Seng China’s network in the Pearl River Delta and extend its banking services to more customers in the region.
Vice-Chairman and Chief Executive of Hang Seng China, Mrs Dorothy Sit, said: “We are delighted to be one of the first banks to open a cross-city sub-branch. CEPA VI provides Hong Kong banks with new possibilities and our business growth will benefit from this policy. We will continue exploring opportunities for setting up cross-city sub-branches in other cities in Guangdong.”
“Foshan, linking Guangzhou, Hong Kong and Macau, is one of the most prosperous cities in Guangdong. The city enjoys great economic potential and presents abundant business opportunities. The opening of our Foshan sub-branch expands Hang Seng China’s outreach in the Pearl River Delta. We have taken the initiative to meet the demands of Foshan’s fast economic development. The new sub-branch will create synergies with other Hang Seng China outlets in Guangdong and offer professional and comprehensive banking services to personal and business customers,” Mrs Sit added.
According to CEPA VI which took effect on 1 October 2009, banks in Hong Kong with branch outlets in Guangdong may establish sub-branches in any municipality within the province. Hang Seng China’s Foshan sub-branch was approved by the Guangdong Branch of the China Banking Regulatory Commission (‘CBRC Guangdong’) on 25 November 2009 and is under the administration of Hang Seng China’s Guangzhou branch. Hang Seng China has also submitted an application to CBRC Guangdong for the establishment of a Zhongshan cross-city sub-branch.
Hang Seng China’s Foshan sub-branch is located at G/F 50 North Nanhai Avenue, Guicheng, Nanhai District, Foshan City.
The sub-branch provides deposit services, loans, residential and commercial mortgages, trade services, remittance services, foreign exchange services, investment services, insurance agency services, etc. The sub-branch also offers a Prestige Banking Centre, providing one-stop services to meet personal customers’ financial needs.
--www.theasianbanker.com (January 5 2010)--