Nanyang Commercial Bank(China) Limited, a wholly owned subsidiary of HongKong(HK)-based Nanyang Commercial Bank Limited(NCB), set up a branch in Wuxi News District on July 19. NCB has now become the fourth foreign-owned bank to land in Wuxi. The other three are Japan's Mizuho Bank, Bank of Tokyo-mitsubishi UFJ and South Korea's Shinhan Bank.
By the end of last year, NCB had established 11 branches and eight sub-branches in mainland cities such as Shanghai and Shenzhen. The Wuxi branch is its first extension into Jiangsu Province. Different from its foreign-owned counterparts that mainly provide corporate banking service in Wuxi, NCB also offers diverse private banking service.
For example, local residents are able to open an HK account through the Wuxi branch and then make transactions through the HK stock markets; foreigners who buy local properties can also apply for loans through the bank in USD and HKD.