HSBC China has announced the launch of its first International Banking Centre in mainland China, located in a new sub-branch in Shanghai dedicated to serving the growing demand for international banking services from domestic and overseas customers.
HSBC China is the first foreign bank in mainland China to setup a dedicated international banking centre.
The growing wealth of Chinese citizens has created increased demand for cross-border personal financial services as customers seek new opportunities and broader choices in areas like travel, education, healthcare, jobs and business ventures. According to the National Immigration Administration, mainland Chinese residents made 350 million exits and entries across the border in 2019.
As more of our customers and their families become more internationally-minded and mobile, they are now looking for specialist advice and dedicated support for their international financial needs"
Likewise, as China's economy continues to expand and open up, the banking needs of international customers visiting, living, studying and working in China are also set to grow considerably. In 2019, over 97 million foreigners visited mainland China, according to the National Immigration Administration.
Richard Li, executive vice president, head of Retail Banking & Wealth Management, HSBC China, said: "As more of our customers and their families become more internationally-minded and mobile, they are now looking for specialist advice and dedicated support for their international financial needs. Our new IBC will focus on delivering these services through teams that combine extensive experience supporting international customers with the deep knowledge contained in our network of offices in 65 countries and territories."
"Over the past three years, we've seen double-digit annual growth in the number of HSBC China customers using our international banking services. HSBC also serves over 1.5 million overseas Chinese customers around the world. As the largest international bank in mainland China, the new IBC reflects our continued investment in our capabilities to grow our presence and meet the evolving needs of customers here. We plan to open more IBCs in other areas where we see solid demand for international financial services," he continued.
The HSBC International Banking Centre is the first dedicated International Banking Centre in mainland China. It is supported by a diverse team of international banking experts from our local cadre and staff with overseas background, who will provide bespoke advice, insights and services. The centre will also regularly host various activities related to overseas study, career progression, healthcare, travel and lifestyle.
HSBC is the largest foreign bank operating in mainland China, according to a press release. HSBC China employs over 8,000 staff, around 99 per cent of whom were recruited locally. It has a branch network of around 170 outlets across more than 50 cities. This is the largest service network covering the widest geographical reach of any foreign bank in mainland China.