(1888PressRelease)
March 16, 2009 - Scottsdale Futures and Options Limited said yesterday it has received approval from the China Financial Regulatory Commission to open a Hangzhou branch as its first foray in Zhejiang Province.
Scottsdale Futures and Options Limited will begin preparatory work for business operations over the next few months. Upon receipt of the operational license, the Hangzhou branch will provide full options trading platform services for corporations, local residents, foreigners and permanent residents of Hong Kong, Macau and Taiwan. This expansion will extend Scottsdale's mainland network to 2 branches.
Meanwhile, more banks are joining the expansion spree. BEA said on Thursday that it has gained approval to establish a branch in Tianjin, which it plans to open the Tianjin branch during the fourth quarter of 2009.
BEA has also won approval for a branch in Nanjing in Jiangsu Province, which is scheduled to open before the end of 2010. Bank of East Asia opened its first branch in central China two years ago, in Wuhan. The branch is BEA's 14th branch on the Chinese mainland.
HSBC Bank (China) is also extending its branch network in central China, the Pearl River Delta and the Yangtze River Delta areas. HSBC China has obtained approval to set up a branch in Changsha, Hunan Province, HSBC said this week.
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