Hang Seng Bank aims to set up more branches in mainland coastal cities as it continues to search for strategic partners, according to vice-chairman and chief executive Vincent Cheng Hoi-chuen.
He did not say how many branches and sub-branches the bank aimed to set up this year, but he added that the bank would open as many as mainland regulators would permit.
'You need to have between 10 and 20 branches in the mainland to get yourself in shape,' Mr Cheng said. 'So our strategy is clear. We hope to open more branches in coastal cities - and the more branches we have, the better.'
The bank has five branches, one sub-branch and two representative offices in seven cities on the mainland, with only its Shenzhen and Fuzhou branches permitted to offer yuan services to foreign individuals and companies.
According to Mr Cheng, the bank has applied to open a branch in Beijing, and a sub-branch in Shenzhen and in Shanghai.
Hong Kong's third-largest bank has so far invested $3 billion in setting up branches on the mainland. Mr Cheng added that under mainland regulation, each branch required capital of between 300 million yuan and 500 million yuan.
