Standard Chartered plans to launch local China entity next month |
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Tue, 13 Mar 2007 11:15
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BEIJING (XFN-ASIA) - Standard Chartered plans to launch a locally-incorporated entity in China next month, and aims to have over 40 outlets nationwide by the end of this year, said Peter Sand, Global CEO of Standard Chartered Group.Sand told reporters in Beijing that the new firm will be a wholly-owned subsidiary of Standard Chartered PLC.It will offer yuan banking services to local residents, as permitted by local banking regulations for locally-incorporated financial institutions.The bank also plans to upgrade its three representative offices once the incorporation wins regulatory approval.juan.chen@xfn.com
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Standard Chartered not ruling out China acquisition but focus on organic growth 