HSBC opens first branch in SA

Global banking group HSBC, which was recently awarded a banking licence in South Africa, has opened a branch in the country -- its first sub-Saharan branch in Africa.

The branch, based in Johannesburg and officially opened by South African Reserve Bank Governor Tito Mboweni, will serve the bank's corporate and commercial customers in the region.

Speaking at the launch event, Stephen Green, group chief executive of HSBC Holdings plc, said: "The fact that Johannesburg serves as the regional management office for the group's business in sub-Saharan Africa highlights HSBC's commitment to the region. By combining the business previously conducted under the HSBC Equator Bank banner with those of our South African operations under the new branch mantle, we now have a consolidated service to offer our clients.

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