Banking News
- Hang Seng Bank eyes yuan deposits on mainland
Date: 6-Sep-2007 Sources: (Shenzhen Daily)
HONG KONG'S third-largest lender, Hang Seng Bank, said Tuesday it expects its 18 mainland branches will be able to accept yuan deposits from local residents by the end of September.
'The priority of our mainland business is to build up our customer and deposit base,'vice chairman and chief executive Raymond Or said.
Hang Seng is also evaluating the newly announced pilot program to let individuals invest directly in Hong Kong securities, but Or said the outcome would depend on regulations governing the scheme, which is still taking shape.
The Hong Kong-based lender, in which global banking giant HSBC owns 62 percent, is increasingly focused on expanding on the mainland. However, the network coverage of foreign banks is so far limited compared with big national banks such as Industrial & Commercial Bank of China.
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