HSBC (China) Company Limited, a wholly-foreign-owned bank solely owned by the Hong Kong and Shanghai Banking Corporation Limited, opened a new branch in Harbin, capital of northeast Heilongjiang province on Tuesday.

It is the first HSBC China branch in the city, and the ninth in China's northeast -- which encompasses Heilongjiang, Jilin and Liaoning provinces.

Helen Wong, chief executive officer of HSBC China said China's northeast is one of the key areas targeted by HSBC China for business expansion.

The Harbin branch's business will focus on corporate banking services, providing RMB and foreign currency services and financial solutions including loans, deposits and cash management.

As one of China's major industrial bases, Harbin also plays a key role in promoting trade cooperation in the northeast Asia region, said Sheng Guangting, head of the HSBC China Harbin branch, adding that she hoped HSBC would provide substantial support to Harbin's businesses in that regard.

The HANA bank, the Kookmin Bank, Bank of East Asia, and JP Morgan are other foreign invested financial institutions that have already opened branches in Harbin.

Source:china.org