BEIJING--Hang Seng Bank Ltd. (0011.HK) said Friday that it has received regulatory approval to set up a sub-branch in Shanghai's free trade zone.
It comes after four foreign banks--Citigroup Inc. (C) unit Citibank (China) Co. Ltd., Development Bank of Singapore (China), HSBC Bank (China) Co. Ltd. and Bank of East Asia Ltd.--received regulatory approval to establish sub-branches in the zone.
Hang Seng Bank's new sub-branch will be set up soon and focus on providing cross-border financial services in the free trade zone, the bank said in a statement.
China launched the Shanghai free trade zone at the end of September and promised to accelerate capital account liberalization and interest rate reforms in the pilot zone.
Write to Grace Zhu at email@example.com
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(END) Dow Jones Newswires
October 18, 2013 06:39 ET (10:39 GMT)Copyright (c) 2013 Dow Jones & Company, Inc.
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