HSBC, the largest bank in Europe, opened a global operation center in the city of Foshan, Guangdong Province, early this week, signaling its confidence in the prosperous Pearl River Delta region and the entire mainland market.

The new global operation center provides a wide range of financial and banking services, including credit cards, bank loans, insurance, and management of human resources to foreign-funded companies, joint ventures, domestic firms and individuals.

"We are glad to open a global operation center in Foshan which is located about 20 km away from Guangzhou, the provincial capital," Vincent Cheng Hoi Chuen, chairman of HSBC Asia-Pacific, said.

"The good investment climate, the advanced infrastructure and great support from local government have made the city an ideal place for HSBC to open a global operation center."

Cheng said he believed the Foshan center would help HSBC further develop its business in the fast growing mainland market in the coming years.

Chen Yunxian, mayor of Foshan, said the HSBC global operation center would help accelerate the city's development of the financial, hotel, leisure, entertainment and manufacturing industries in the years ahead.

Foshan city government has given top priority to the development of the financial industry.

Foshan's Chancheng District has invested more than 150 million yuan to shut down or move away a large number of ceramic production factories and other manufacturing facilities in the city proper to make way for the development of the city's financial industry.

Foshan city government has introduced a series of preferential policies to support offshore financial institution development in the city.

Chen said his government would try to offer its best service to HSBC and other foreign companies in Foshan.

He predicted the HSBC global operation center would help create more employment opportunities for local residents and talent from around the world.

Big-name overseas and domestic financial groups, including US-based AIG and China Merchant Bank, have established regional headquarters in Foshan.

(China Daily December 7, 2007)