The Hongkong and Shanghai Banking Corporation Limited (HSBC) was awarded the title of "Best Foreign Bank in China" Monday for 2003 by FinanceAsia, a leading Asian financial magazine.

It was the third consecutive time for HSBC to win the award.

A spokesman for FinanceAsia said that quite a lot of senior Chinese bankers considered HSBC to be the best foreign bank in China in terms of business quality and financial services.

"HSBC is delighted to have been given this award once again," said Dicky Yip, HSBC's chief executive in charge of China business, stressing that the award is a welcome recognition of the bank's services on the Chinese mainland.

Yip added that the award reconfirmed HSBC's commitment to China, as the bank continues to expand its services following China's entry into the World Trade Organization.

The HSBC currently provides foreign currency services to Chinese citizens and corporations at 10 locations in nine major Chinese cities, and its phone banking and Internet banking services are fully operational across the country.

Meanwhile, the bank has obtained a Qualified Foreign Institutional Investor (QFII) license from China's banking authority, which allows it to offer QFII custodian services.

(Xinhua News Agency August 19, 2003)