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The setting up of "cross-location" sub-branches by Hong Kong banks in Guangdong Province marks a new milestone in financial co-operation between Hong Kong and the Mainland. This initiative was made possible under Supplement VI to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA).
Speaking at the opening ceremony of the Foshan sub-branch of Hang Seng Bank (China) Limited in Foshan City today (January 29), the Permanent Secretary for Financial Services and the Treasury (Financial Services), Miss Au King-chi, said: "Hang Seng Bank's Foshan sub-branch is among the first batch of 'cross-location' sub-branches set up under Supplement VI to the CEPA. Today is a big day for Hang Seng Bank. It will also lay an important milestone in the financial co-operation between the Mainland and Hong Kong."
Miss Au said that the CEPA has helped foster economic integration between the Mainland and Hong Kong since it was signed in 2003.
"The Central People's Government and the Hong Kong Special Administrative Region Government have all along worked together with a view to enriching the CEPA. The agreement includes measures to open up banking services and enhance financial co-operation," she said.
Under the Supplement VI to the CEPA signed in May 2009, from October 1, branches of Hong Kong banks in Guangdong Province can extend their service points by establishing sub-branches in another administrative area.
"I trust Hong Kong banks will continue to grasp the opportunities brought by the CEPA to provide loans, corporate financing and quality financial services to clients in Guangdong Province. This would facilitate the economic transformation of enterprises in Guangdong," Miss Au added.
Also attending today's ceremony were officials of the Foshan City government and Mainland regulatory organisations.
Ends/Friday, January 29, 2010
Issued at HKT 14:55
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