“Our expansion plans in the PRD are well supported by our infrastructure in Hong Kong and the Special Administrative Region’s close trade, investment and cultural links with Guangdong,” said HSBC’s Greater China chief executive, Helen Wong.

Delivering HSBC’s growth strategy in the PRD means building a full scale, digitally-driven retail banking and wealth management business in the region. This will be led by credit cards and home lending and encompass core retail, mortgage, insurance manufacturing and asset management, the bank said.

HSBC’s China chief executive, David Liao, added: “The continued opening-up of China’s markets has boosted trade and capital flows between the mainland and overseas markets, offering huge growth potential for international banks. Appointing a chief executive who will drive business growth in Guangdong will enable HSBC to capitalise on the opportunities brought about by reforms in the local market."

The bank said Guangdong’s economy is comparable in size with those of Indonesia and Mexico. It made up 10.65 per cent of China’s overall GDP in 2014, but is growing faster than China as a whole, with GDP expansion of 7.8 per cent in 2014.