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HSBC to increase investment banking business in China
(chinadaily.com.cn/Agencies)
Updated: 2004-03-09 16:27

HSBC Holdings Plc, the world's second-largest bank by assets, said it plans to increase its investment banking activity in China, said Stuart Gulliver and John Studzinski, co-heads of HSBC's corporate, investment banking and markets arm.

The bank wants to boost its current merger and acquisition and initial public offering mandates with its existing Chinese clients by focusing on financials, energy, telecommunications and industry.

HSBC is trying to catch up with business gained by other banks such as Goldman Sachs Group Inc., Morgan Stanley and Citigroup Inc.

The bank plans to provide more financial and human resources to China from this year onward.

Chinese initial public offerings are expected to total as much as US$16 billion in 2004.

The Shanghai branch of Hongkong and Shanghai Banking Corporation Ltd (HSBC) started to provide Renminbi service to Shanghai enterprises on February 26.

It is the first foreign bank to do Renminbi business with domestic enterprises since China joined the World Trade Organization.

HSBC Renminbi services cover deposits, loans, bank billing, bonds, letters of credit, guarantees and settlements.

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