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Last updated at: (Beijing Time) Thursday, August 15, 2002

Hang Seng Bank Starts RMB Business in Shanghai

The Hong Kong-based Hang Seng Bank has started doing business in Renminbi (RMB) in Shanghai, China's financial center.


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The Hong Kong-based Hang Seng Bank has started doing business in Renminbi (RMB) in Shanghai, China's financial center.

The bank will provide savings and term deposits, cheque accounts, loans and foreign exchange services in RMB mainly for foreigners, residents from Hong Kong, Macao and Taiwan as well as foreign-funded enterprises here, according to the bank.

"The launch of RMB services and the expansion of the Shanghai branch marks a milestone for the bank," said Vincent Cheng, the bank's vice-chairman and chief executive.

The bank would like to further expand its business on the Chinese mainland though there were limitations, he added.

The bank's representative office in Beijing will be upgraded toa branch while another branch in Nanjing, capital of east China's Jiangsu Province, and a sub-branch here are to be founded. The bank is also seeking to launch on-line service here.

The bank has operated a foreign currency service for local residents and enterprises here and in Shenzhen and Guangzhou in south China's Guangdong Province without paying commission charge since July this year.

Founded in 1933, the Hang Seng Bank is a subsidiary of global banking giant HSBC and the second largest listed bank in Hong Kong.It opened its first representative office on the mainland in 1985 and a branch 10 years later.

The investment and insurance arms of Hang Seng also have footholds on the mainland. Hang Seng Securities has been approved to open a representative office here in June this year while Hang Seng Investment Management applied to start operations in Shenzhenand a representative office of the Hang Seng Insurance Company wasset up there in April.


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