Construction commenced this week on HSBC’s new global training center in Guangzhou, the capital of Guangdong province in China. The center, which is slated to open in 2024, will have the capacity to provide training for 14,000 HSBC employees and senior managers around the Asia Pacific region each year. It is the first such facility to be set up in the country by a foreign bank.

In an announcement on Monday, HSBC said that in addition to routine training, the center will focus on increasing the bank’s fintech capabilities by training employees in the technologies and professional skills associated with the future development of the financial services sector.

Peter Wang, the CEO of HSBC Asia Pacific, said that by investing in training and development for its personnel, the bank hopes to attract top talent and develop its next generation of leaders, thereby enhancing its competitiveness on the global stage. Furthermore, he added, having the training center located on the Chinese mainland will provide HSBC employees and management from around the world with the opportunity to better understand the Chinese market.

HSBC has been carrying out dedicated expansion in China for some time. In January this year, the bank set up an international banking center in Shanghai to cater to both domestic and international customers: it was also the first foreign bank to establish such a facility. The bank clearly appears to be pursuing a strategy to establish itself in the country well ahead of other international competitors.