Overseas banks are quickening network expansion in China with players like HSBC, Standard Chartered and BEA posting branch plans during the week.
Standard Chartered Bank (China) Ltd said yesterday it has received approval from the China Banking Regulatory Commission to establish its Hangzhou branch as its first foray in Zhejiang Province.
Standard Chartered will start preparatory work for business operations over the next few months.
Upon receipt of the operational license, the Hangzhou branch will provide full foreign currency services for all kinds of corporations, local residents, foreigners and permanent residents of Hong Kong, Macau and Taiwan.
This expansion will extend Standard Chartered's mainland network to 13 branches.
Meanwhile, Bank of East Asia said on Thursday that it has gained approval to prepare for setting up a branch in Tianjin. The bank plans to open the Tianjin branch in the first quarter of 2008.
BEA has also gained approval to prepare for a branch in Nanjing in Jiangsu Province, which is scheduled to open operation before the end of this year.
Bank of East Asia opened a branch in Wuhan this month as its first foray into central China. The branch is BEA's 14th branch on the Chinese mainland.
More banks are joining the network expansion spree.
HSBC Bank (China) Co is extending its branch network in Central China, the Pearl River Delta and the Yangtze River Delta areas.
HSBC China has obtained regulatory approval to set up a branch in Changsha, Hunan Province, HSBC said this week.