THE Hongkong and Shanghai Banking Corporation yesterday opened a branch in Qingdao, making it the first foreign bank with a branch in the northeastern Chinese city.
Hongkong Bank first established a representative office there in January 1992 and was recently granted permission to upgrade it to a full branch.
The Qingdao branch will offer a full range of credit services in foreign exchange as well as handle import and export-bill business for customers in Shandong province.
Mr Anthony Russell, managing director of Hongkong Bank China Services, said the opening of the new branch was a significant expansion of the bank's operations in China.
''Qingdao has ambitious plans for developing its economy,'' he said.
''We are delighted to have the opportunity to play a role in this process by introducing and financing overseas investors, as well as broadening the range of financial services available to local corporations.'' Qingdao, one of 14 coastal open cities designated by Beijing in the early days of economic reform, is the industrial and commercial centre of resource-rich Shandong.