The China Banking Regulatory Commission (CBRC) has accepted the application submitted by the Hongkong and Shanghai Banking Corporation Limited (HSBC) for registration on the Chinese mainland, the company said Sunday.

As the first step of the standard procedures, HSBC received a notice from the CBRC on Sunday, telling the company the CBRC has accepted its application for local registration, said Vincent Cheng, chairman of HSBC.

HSBC is very pleased to receive such a notice on a historic eve, because Dec. 11 marks the fifth anniversary of China's entry into the World Trade Organization and it is also the day that China has pledged for opening its financial market, Cheng said,

"We think local registration will exert positive influence on the long-term development of China's financial market. It will help us further expand the scope of services, especially in increasing our capability for Renminbi financing so as to benefit our clients," he said.

He said HSBC hopes to become one of the first foreign-funded banks to take the lead in local registration.

Richard Yorke, China CEO of HSBC, said the company will keep close contact with all authorities concerned and go through the required procedures under their guidance.

"We are preparing actively for registration in Shanghai," he said.

HSBC Group has 13 branches and 13 offices on China's mainland and a new branch in northwestern city of Xi'an will be launched before the end of this year.

On Nov. 17, the Regulations of the People's Republic of China on Administration of Foreign-funded Banks was issued, which encourages overseas banks to register solely foreign-funded banks in China and sets equal supervision standards for overseas banks.

Source: Xinhua