HSBC will launch a China-based unit as soon as next week after hearing it had been granted a business license from Shanghai government bodies.
China’s banking regulator the State Administration of Industry and Commerce also granted certificates of incorporation for Citigroup, Bank of East Asia and Standard Chartered.
The approval will enable the bank to obtain certificates for its other branches, which are expected to be granted later today.
“This certificate enables the head office of our locally incorporated entity to be established in Shanghai,” HSBC China chief executive Richard Yorke said. “And with this certificate, all of our other branches will be able to complete their local commercial registration.”