HSBC to Close Shenzhen Longgang Branch, Calling Move ‘Normal’
What’s new: The mainland Chinese subsidiary of banking giant HSBC Holdings PLC is closing one of its branches in the southern boomtown of Shenzhen, which the company told Caixin is part of a normal branch restructuring plan.
The global lending giant said by integrating resources among branches, it is aiming to improve its operational efficiency and better meet customer needs in the digital era.
What’s the background: On Friday, the Shenzhen branch of China’s banking regulator said (link in Chinese) it had approved the closure of HSBC’s branch in the city’s Longgang district. After closing the branch, HSBC will still have 10 branches in the city and nearly 170 across the Chinese mainland.
HSBC was one of the banks that helped Shenzhen-based tech giant Huawei Technologies Co. Ltd. develop its business in Iran in the past.
Huawei has now been accused by the U.S. government of allegedly violating past U.S. export control sanctions against Iran. As part of that case, the U.S. is now seeking the extradition of Huawei CFO Meng Wanzhou from Canada, saying she misled banks including HSBC about Huawei’s business in Iran.
Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full Caixin article in Chinese, click here.
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