Shanghai's plans won't affect Hong Kong, HSBC says
Chief Anita Fung sees no threat to city from free-trade zone and is keen for bank to move in
The chief executive of HSBC's Hong Kong office, Anita Fung Yuen-mei, said yesterday that Hong Kong would not be marginalised by a new free-trade zone being set up in Shanghai.
"The mainland market is so huge; Hong Kong will not be marginalised when Shanghai continues to develop," Fung told a media conference.
She said the interaction between the two cities would be positive to the overall development of the mainland.
Fung also expressed interest in setting up shop in the new zone, saying HSBC would definitely consider participating when more details were unveiled.
Premier Li Keqiang had approved a milestone plan to allow foreign banks to directly set up wholly owned subsidiaries in the free-trade zone in the Pudong New Area, the South China Morning Post reported yesterday.
Foreign banks including HSBC and Citigroup already have branches and wholly owned units on the mainland, but the short cut to set up units in the free-trade zone in Shanghai is expected to attract more international banks keen to secure a foothold in the world's second-largest economy.