Hong Kong's Hang Seng Bank Ltd more than doubled its staff on the Chinese mainland last year as business grew, the Hong Kong-based bank said yesterday.
Hang Seng increased its full-time mainland staff to 1,097 from 436, while total operating income on the mainland grew by 69.4 percent, the bank said yesterday during its 2007 annual performance briefing. It didn't disclose the specific mainland income figure.
Last year, the bank opened two branches and seven sub-branches on the mainland, boosting its network on the mainland to 25 outlets in 10 cities such as Shanghai and Beijing.
Including its share of profit from Fujian Province-based Industrial Bank, mainland business contributed 6.5 percent to the bank's group profit before tax, compared with 6.1 percent in 2006.
"We will continue to develop the key growth drivers, particularly wealth management services, commercial banking and mainland business," said Raymond Ch'ien, chairman of Hang Seng Bank, on outlook for 2008.
Hang Seng set up its local incorporation, Hang Seng Bank (China) Ltd, in Shanghai. The subsidiary started operations in May to provide unlimited yuan services to Chinese residents.
"We will continue to develop our mainland business using our two-pronged strategy for growth," said Raymond Or, vice chairman and chief executive officer.
The bank will open new outlets in cities with high growth potential and expand its yuan services, Or said.
In January the bank agreed to buy 20 percent of Yantai City Commercial Bank in Shandong Province for 800 million yuan (US$112.6 million), becoming the biggest shareholder. Hang Seng's total mainland investment is about 7.3 billion yuan.