HSBC to hire 2,000 staff for 30 new outlets

HSBC will hire 1,000 new staff this year and another 1,000 staff next year, as it adds 30 new domestic outlets on the Chinese mainland, bank officials announced this morning in Shanghai.

The bank opened its locally incorporated branches in Shanghai today and will offer unlimited service on the mainland after it undergoes Chinese banking regulator's inspection for readiness. Three other foreign banks -- Citigroup Inc, Bank of East Asia and Standard Chartered Bank ¨C also have been approved.

The four banks will be able to offer a full array of retail yuan business such as deposits from Chinese clients and issue credit cards.

Allowing foreign banks to set up branches in the country is part of China's commitment to open its banking sector as part of an agreement to enter the World Trade Organization.

In December, nine overseas banks including Hang Seng Bank, Mizuho Corporate Bank, Bank of Tokyo-Mitsubishi UFJ, DBS Bank and ABN Amro Bank N.V. gained approval to prepare for local incorporation in Shanghai.

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