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HSBC to hire 2,000 staff for outlets

By Winny Wang and Zhang Fengming (Shanghai Daily)
Updated: 2007-04-02 11:28

HSBC will hire 1,000 new staff this year and another 1,000 staff next year, as it adds 30 new domestic outlets on the Chinese mainland, bank officials announced this morning inShanghai.

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The bank has won approval to open locally incorporated branches in Shanghai and offer unlimited service on the mainland from today. Three other foreign banks -- Citigroup Inc, Bank of East Asia and Standard Chartered Bank – also have been approved.

Now the four banks can offer a full array ofretailyuan business such as deposits from Chinese clients and issue credit cards.

Allowing foreign banks to set up branches in the country is part of China's commitment to open its banking sector as part of an agreement to enter the World Trade Organization.

In December, nine overseas banks includingHang Seng Bank, Mizuho Corporate Bank, Bank of Tokyo-Mitsubishi UFJ, DBS Bank and ABN Amro Bank N.V. gained approval to prepare for local incorporation in Shanghai.