Stephen Green, chairman of the global banking giant HSBC Holdings PLC said in Hong Kong on Tuesday that the group is to put more investment on business expansion in the Chinese mainland.

Chairman of HSBC Asia Pacific Vincent Cheng (From L to R) , Group Chairman of HSBC Holding Plc Stephen Green and CEO of HSBC Asia Pacific Michael Smith attend a news conference in Hong Kong July 31, 2006. [Reuters]

He said at a press conference that the group expected to expand commercial and personal banking services in the Chinese mainland.

Green said the group also expected to promote the retail banking business through cooperating with the Bank of Communications.

The group announced on Monday that it obtained 280 million U.S. dollars of profit before tax in the Chinese mainland in 2005, up 74 percent over the previous year.

Michael Smith, chief executive of Hong Kong and Shanghai Banking Corporation Limited, said at the press conference that the group is to promote its Chinese mainland business by depending on the existing 33 branches in the Chinese mainland.

He said within the framework of existing policies, the group is seeking to launch more cooperative projects in the Chinese mainland, including seeking partners in both security and insurance sectors.

HSBC Holdings PLC reported on Monday a 15 percent rise in its net profit in the first half of 2006.

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