HSBC announced Tuesday it will open a branch in Suzhou, the bank's 10th branch in the Chinese mainland, following the approval from the China Banking Regulatory Commission.

The bank expects to open the new branch in the second half of this year, pending receipt of operational licenses.

"Suzhou has enjoyed good economic growth following China's entry into the World Trade Organization and attracted many multinational corporations and new high-tech industries," said Dicky Yip, chief executive of China business at HSBC.

HSBC plans to offer at its Suzhou Branch a full range of foreign currency services to local and foreign-invested enterprises, Chinese mainland citizens, residents from Hong Kong, Macao and Taiwan and foreign nationals. The services to be offeredwill include deposits, loans, bills and drafts discounting, letters of credit and guarantees and foreign exchange dealings.

HSBC's network in the Chinese mainland currently comprises ninebranches in Beijing, Dalian, Guangzhou, Qingdao, Shanghai, Shenzhen, Tianjin, Wuhan and Xiamen, two sub-branches in Shanghai,and representative offices in Chengdu and Chongqing.