China Construction Bank Becomes Trustee for HSBC

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Last updated at: (Beijing Time) Wednesday, September 10, 2003

China Construction Bank Becomes Trustee for HSBC

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The China Construction Bank (CCB) has become the trustee for the Hong Kong-Shanghai Banking Corporation, Ltd (HSBC), a qualified foreign institutional investor (QFII) that has won approval to invest in China's securities market.

According to an agreement signed here Tuesday between the two banks, the CCB was entrusted to serve the HSBC's investment in China.

This was the first trust agreement signed between a Chinese bank and an overseas QFII since the QFII system was pushed forward at the end of May.

The introduction of the QFII system was an important step in the opening of China's domestic capital market to foreign investors. With trustee status, commercial banks can provide all-round services for QFIIs, including the opening of accounts, asset custody, capital clearing and information consultation.

Sources said that the CCB has opened a special body, including a team of professionals, for the QFII trust business and is making sound preparations in terms of business procedures, technical upgrading, internal risk mitigation and personnel training.

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