HSBC has received final approval for local incorporation from the China Banking Regulatory Commission (CBRC), becoming one of the first foreign banks to have been approved to set up a wholly foreign-owned bank in the fast-growing China market.

Vincent Cheng, chairman of HSBC Asia Pacific said: “We are delighted to have received CBRC’s final approval for incorporating our China business in Shanghai, where HSBC has had a continuous presence for 142 years. China is a very important market to HSBC and we regard local incorporation as a very positive development for the local market.”

In accordance with China’s new regulations on foreign banks, locally-incorporated foreign banks will be able to apply for local RMB currency services to domestic individuals in China. HSBC plans to roll out a wider range of RMB services as soon as possible.

“HSBC’s strengthened RMB service in China will open up new opportunities for millions of HSBC customers across the world, including Malta,” said HSBC Malta’s CEO Shaun Wallis.