Standard Chartered Bank to Expand China Business

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Last updated at: (Beijing Time) Tuesday, March 12, 2002

Standard Chartered Bank to Expand China Business

The Standard Chartered Bank plans to establish its third logistic center in Shenzhen to support its China businesses with Shanghai as its core.

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The Standard Chartered Bank plans to establish its third logistic center in Shenzhen to support its China businesses with Shanghai as its core.

Peter Wong, general manager and chief executive for Hong Kong of the Standard Chartered Bank, said that in order to make its business cover China's vast area, the bank will integrate its businesses and conduct them in different modes in different areas to raise efficiency.

"Many foreign banks hope to expand presence in China by deploying network banking services. Telephone banking services will strengthen communications with customers, and help banks better understand their needs," he said.

The bank now has 300 staff members in eight branches in the mainland cities, including Beijing, Haikou, Nanjing, Shanghai, Shenzhen, Tianjin, Xiamen and Zhuhai.

It also has seven representative offices in Chengdu, Dalian, Guangzhou, Hangzhou, Nanning, Ningbo and Qingdao.

"After evaluating telecommunications networks, infrastructure and costs, we have decided to set up our logistic center in Shenzhen due to its efficient access to the North and the South of the country," Wong added.

Wong also revealed plans of introducing mortgage loans in foreign currencies in Shanghai in October this year.

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