Jan. 30, 2007 (China Knowledge) – The Hong Kong and Shanghai Banking Corp (HSBC) <5><HBC><HSBA> has opened its 35th office in Xujiahui, a bustling commercial district in Shanghai.

The new branch will provide RMB and foreign currency banking services to corporate clients, including fixed assets and trading services, and loans. Ben Shenglin, head of commercial banking at HSBC China, said that the new branch was a major development in growing HSBC's business in China and an opportunity to capitalize on the opening of the banking sector.

China’s banking industry was fully opened up on Dec. 11 last year in accordance to the World Trade Organization Agreement, allowing foreign banks to offer RMB-denominated banking services to the Chinese people.