The Hongkong and Shanghai Banking Corp (HSBC) opened a branch in Changchun, the capital of Jilin province, on Tuesday Nov 18, under license from the China Bank Regulatory Commission.

"HSBC will provide international financial services for Chuangchun-based businesses through its vast banking networks in China and overseas," Huang Bijuan, vice chairman of the bank said. Since the bank has set up offices in the northeastern cities of Shenyang, Dalian, and Harbin, this new branch is part of an overall plan in which HSBC has opened 31 banks in China.

In commenting on the impact the new bank might have on Changchun’s financial business, Xiao Wanmin, the city’s deputy mayor remarked, “The bank might be different from local business banks, but it helps to promote the development of the city’s financial sector by bringing in new ideas.”

Xiao went on to say, "Changchun’s growing financial sectors are appealing to more financial entities–the newly-opened HSBC bank sets a good example." Since the bank has set up offices in the northeastern cities of Shenyang, Dalian, and Harbin, this new bank is part of a larger overall plan.

London-based HSBC was founded in 1865 to finance trade with Asia, and developed offices in Hong Kong and is now one of the world’s largest bank and financial services organizations.