Hang Seng banks on mainland

Hong Kong's Hang Seng Bank plans to spend US$128 million to expand operations in mainland China over the next two years, The Standard of Hong Kong reported. The bank's chief executive, Raymond Or Ching-fai, told a press conference in Hong Kong that a saturated market limited growth oportunities in the SAR. The money earmarked for mainland expansion would mostly be used on opening new branches and hiring staff, he said. Mainland operations contributed 5% to the bank's total earnings in the first half of this year, and Hang Seng wants to increase that to 10% within five years. The Hong Kong bank plans to have 30 branches in big cities like Shanghai, Guangzhou and Beijing within three years.