By Xinhua
Hubei (China) : The Hong Kong and Shanghai Banking Corporation Limited (HSBC) Thursday set up its first venture in rural China, marking the first entry by an international bank in the rural sector of the country.
The wholly owned subsidiary of the HSBC in the Cengdu district of Suizhou city in central China’s Hubei province offers its customers deposit service for local businesses and individuals and help businesses to raise funds.
The branch has started with 22 staff members and an initial capital of about $1.36 million (10 million yuan).
The branch will also provide trade-related financing and settlement services for export-oriented rural enterprises. It also plans to provide agriculture-related loans to individual farmers in 2008.