HSBC Holdings PLC announced on Friday that it will expand its operations in mainland China, aiming to capitalize on the country’s burgeoning economy. The banking giant intends to increase its stake in the Bank of Shanghai, solidifying its position in the region’s financial sector.

The expansion also includes plans to open several new branches in key cities across mainland China. This strategic move will allow HSBC to offer a wider range of services to both local and international clients, further integrating itself into the Chinese market.

“We see enormous potential in China, and these expansion plans demonstrate our long-term commitment to the region,” said a spokesperson for HSBC. “We believe that our expertise and global network can contribute significantly to the growth of the Chinese economy.”

The increased investment in the Bank of Shanghai is subject to regulatory approvals. However, HSBC is confident that the expansion will proceed smoothly and contribute positively to the bank’s overall performance in the coming years.