London-headquartered HSBC will look to expand its business in mainland China after obtaining a fund custody license.
HSBC has been granted a domestic fund custody license in mainland China, granted by the local securities regulator, according to a statement. It will now be able to provide custody services to onshore funds including mutual funds, private funds and private asset management schemes.
«The new license marks another milestone in HSBC’s business development in China, enabling us to participate more deeply in the market’s capital market opening and to assist overseas investors to be a part of the vast opportunities that arise,» commented Mark Wang, president and CEO of HSBC China. «We will continue investing to further grow our China business and to capture the long-term potential of the market.»
