STRATEGIC PARTNERS
December 19, 2001
HONG KONG - As part of a plan to expand its banking services in India, Hong Kong and Shanghai Banking Corp. (HSBC) has announced plans to phase out its ATM cards in India, replacing them with debit cards.
The Asia Pulse Web site reported bank officials as saying the debit cards would become available in September. The cards will include zero liability if they are lost or stolen and balances can be checked at HSBC and non-HSBC locations.
The bank eventually plans to launch Internet banking in India and will offer insurance products and services.
According to AFX News, HSBC also has reached an agreement with the Shanghai ARM Network that will allow its customers to withdraw funds in Chinese yuans from more than 2,000 ATMs in the Shanghai area. The Shanghai ATM Network consists of 17 local and foreign banks in the region.
