HSBC opens first foreign county-level bank

UK lender HSBC has opened its first county-level bank in central Hubei province, Economic Observer reported (in Chinese). HSBC Zengdu County Bank, 100% owned by HSBC Hong Kong with US$1.36 million in registered capital, was approved by the China Banking Regulatory Commission in August, becoming first foreign lender to receive permission to open a county bank. As the country further opens the financial sector rural areas, the bank will focus on providing financial support for local agricultural development.