Hang Seng begins renminbi services at Shenzhen branch

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Last updated at: (Beijing Time) Tuesday, January 13, 2004

Hang Seng begins renminbi services at Shenzhen branch

Hang Seng Bank on Monday commenced renminbi services at its Shenzhen branch, the bank's third Chinese mainland branch to offer such services, after Shanghai and Guangzhou.

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Hang Seng Bank on Monday commenced renminbi services at its Shenzhen branch, the bank's third Chinese mainland branch to offer such services, after Shanghai and Guangzhou.

The bank announced here Monday that the renminbi services, including savings, current and time deposit accounts loans, and remittance and foreign exchange services, are offered to foreign passport holders, citizens of the Hong Kong Special Administrative Region (HKSAR) and the Macao Special Administrative Region and foreign invested enterprises.

Vincent Cheng, the bank's vice-chairman and chief executive, said Monday that "the launch of the renminbi services by our Shenzhen branch is in line with our strategy to expand our business and service our customers better in the Pearl River Delta."

Founded in 1933, Hang Seng Bank is a principle member of the HSBC group and the second largest listed bank in Hong Kong in terms of market capitalization.

It operates 160 branches and automated banking centers in Hong Kong and a network of five branches and a sub-branch in the Chinese mainland.

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