Europe’s largest bank by market value HSBC Holdings Plc said it has an option to expand in China by enlarging the number of jobs and branches in the world’s fastest-growing economy.
The bank plans to open branches in up to 20 cities of China by 2007, it said in a statement. HSBC will lift the number of jobs in China to 2,000 in 2005 from from 900 at end-2004. The total of employees in Asia for the bank amounts to 66,000.
Last August, HSBC bought a 19.9% stake in Bank of Communications, China’s fifth-largest lender, for as much as $1.75 billion. The acquisition turned to be the biggest for the bank. HSBC is already an owner of 10% in Ping An Insurance and 8% in Bank of Shanghai.
HSBC also plans to start operating in the cities of Chongqing and Chengdu in the second half of 2005 and open new outlets in Beijing, Shanghai and Tianjin this year.