HSBC, Bank of Shanghai reach new agreement

Emerging Markets Economy, Apr 9, 2003

Global banking giant HSBC, Hong Kong and Shanghai Banking Corporation, and the Bank of Shanghai have reached a cooperative agreement aiming at expanding their business in Shanghai.

According to the deal, the two sides will boost their cooperation over developing financial services for both individuals and corporations and improving the credit card customer base in the east China city, Xinhua reported .

A team has been established to conduct a feasibility study on the proposed cooperation and work out a detailed cooperation mechanism. As a local stock-holding bank, the Bank of Shanghai was the first Chinese bank to attract overseas investment since China's entry into the World Trade Organization (WTO). (Emeconomy.com)