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HSBC to Nearly Double Outlets in China This Year

Reuters
Sunday, 1 Apr 2007 | 10:32 PM ET

HSBC Holdings said on Monday it planned to nearly double its number of outlets in China this year as it developed its yuan retail banking business.

The banking giant intends to open about 30 new outlets in the country this year, China Chief Executive Richard Yorke told reporters. It has 35 at present.

Yorke said HSBC would hire about 1,000 new staff in China in 2007 and a similar number in 2008. It has 3,219 staff now.

HSBC was holding an event to mark its incorporation in China, which will help it to pursue business in the country's newly opened local currency retail banking market.

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