Hang Seng Bank Ltd, a unit of HSBC Holdings, plans to buy properties in mainland China for use by its branches there, the South China Morning Post reported.

The newspaper cited Hang Seng Bank's chief operating officer Dorothy Sit as saying that the move is aimed at cutting surging rental costs while the lender pursues aggressive expansion of its branch network on the mainland.

She said the bank is considering buying various properties, including one for its Shanghai headquarters.

She did not provide details of the bank's acquisition plans.