Hang Seng Bank claimed Tuesday that it has become the first overseas bank to receive approval from the China Banking Regulatory Commission to establish a branch in Dongguan of Hong Kong's neighboring Guangdong Province.

 

The bank has also received approval to set up a fourth sub-branch in Shanghai.

 

The Dongguan branch will be upgraded from the bank's existing representative office that opened in 2005. The branch is expected to open in the second half of 2006 and will offer a wide range of foreign currency banking services to Chinese mainland residents, companies, foreign passport holders, residents of Hong Kong and Macao special administrative regions and foreign invested companies.

 

The bank's fourth sub-branch is expected to open in May 2006, increasing the total number of Hang Seng's mainland outlets to 13.

 

Raymond Or, vice-chairman and chief executive of the bank, said "we are delighted to have received approval to upgrade our Dongguan representative office to a branch and to establish a new sub-branch in Shanghai."

 

He said "Dongguan is an important manufacturing base for Hong Kong and Taiwan enterprises. The growing number of such companies establishing or expanding their operations in Dongguan will provide us with enormous business opportunities."

 

He said the additional sub-branch in Shanghai will further strengthen its network and facilitate its business development in the Yangtze River Delta region.

 

Founded in 1933, Hang Seng Bank is a principal member of the Hong Kong Shanghai Banking Corporation group. It operates 154 branches and automated banking centers in Hong Kong.

 

(Xinhua News Agency March 22, 2006)