Standard Chartered China open for business, anticipates 40 branches by year end |
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Published
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Mon, 02 Apr 2007 07:41
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BEIJING (XFN-ASIA) - Standard Chartered Bank (China) Ltd opened for business today as a locally-incorporated bank and aims to have 40 outlets in China by the end of the year, the bank said in a statement.The bank already has 22 outlets in China but has incorporated locally, as a wholly-owned subsidiary of Standard Chartered Bank, to comply with China's requirement that foreign banks providing retail yuan-denominated services to mainland clients must incorporate locally.Standard Chartered will provide a range of banking services under the China Banking Regulatory Commission, including yuan-based banking services to local residents.joshua.lipes@xfn.com
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Standard Chartered, Taiwan's Hsinchu Intl to complete integration in early H2 