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Bank of East Asia to expand in 皇冠体育app
(Bloomberg)
Updated: 2007-02-13 16:28
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Foreign banks have set up 195 branches in 皇冠体育app, Wang Zhaoxing, assistant chairman of the皇冠体育app Banking Regulatory Commission, said in December. Their combined 皇冠体育app assets topped $100 billion, about 2 percent of the total, he said.
Hang Seng Bank, one of the banks that won a permit, plans to invest 1 billion Hong Kong dollars, or $128 million, in 皇冠体育app by the end of 2008, 皇冠体育app's state-run Xinhua news agency reported Dec. 12, citing the bank's vice chairman, Raymond Or.
The London-based HSBC, which has the biggest distribution network among overseas banks in 皇冠体育app, said last May it would add about 1,000 employees there. HSBC, founded in Hong Kong and Shanghai in 1865, has 33 outlets in 皇冠体育app.
Last week, Li said mainland 皇冠体育app may account for up to 30 percent of Bank of East Asia's profit in five years, about double the 2006 ratio. Lending to mainland customers jumped 77 percent last year, 10 times faster than at its Hong Kong operations.