Global banking giant HSBC has opened its 12th branch on mainland China, thus extending the availability of its letter of credit (L/C) facilities in this massive, fast growing and newly opened market.

The new branch is in the south-western municipality of Chongqing, the first one for HSBC in this vast underdeveloped region.

Currency services

HSBC says it will offer a full range of foreign currency services from its new branch.

These include deposits, loans, clearing services, foreign currency exchange and L/Cs to local and foreign-funded enterprises.

Branch rollout

China's relatively undeveloped western region is subject to a tranche of policies to promote fast track economic and commercial development.

"We look forward to serving our customers in this region and supporting China's West Development Programme with our international network and banking expertise," says CEO of HSBC China, Richard Yorke.

According to Yorke, the banking giant is planning to open another branch in Chengdu, the capital of south-western Sichuan Province.

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