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HSBC to Close Shenzhen Longgang Branch
Published on: 2020-07-27
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HSBC 01The mainland Chinese subsidiary of banking giant HSBC Holdings PLC is closing one of its branches in the southern boomtown of Shenzhen, which the company said 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.

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.



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