 The bank offers a full range of services that cater to both middle-class individuals and to business-oriented individuals as well, from a robust network of 37 main branches, and 23 smaller branches.HSBC having invested over US$5 billion in select mainland financial services entities and in the growth of its own operations, including a 19.90% stake in Bank of Communications, a 16.8% stake in Ping An Insurance, and an 8% stake in Bank of Shanghai.The China Banking Regulatory Commission announced on 24 December 2006 its approval for foreign banks to start their preparatory work for setting up local incorporations in mainland China.