With its new banking outlet in west Shanghai, Hong Kong and Shanghai Banking Corp (HSBC) has expanded its commercial network on the Chinese mainland to 35 offices. The new HSBC branch targets corporate clients.

Ben Shenglin, head of commercial banking at HSBC China, said the new branch was a major development in growing HSBC's business in China and an opportunity to capitalize on the opening of the banking sector.

The new branch will provide RMB and foreign currency banking services to company clients, including fixed assets and trading services, and loans.

HSBC branches in nine Chinese cities have been authorized to offer RMB services to both domestic and foreign invested enterprises.