Standard Chartered Sees Great Opportunity in China

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Last updated at: (Beijing Time) Thursday, February 20, 2003

Standard Chartered Sees Great Opportunity in China

Standard Chartered plc, one of the three-note issuing banks in Hong Kong, said Wednesday that it sees the greatest opportunities to transform its business into China and India.

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Standard Chartered plc, one of the three-note issuing banks in Hong Kong, said Wednesday that it sees the greatest opportunities to transform its business into China and India.

The group's report of its results for 2002, released Wednesday, indicated that China is experiencing a sustained strong economic growth and Standard Chartered is strongly positioned in.

The report said that under an agreement with the World Trade Organization (WTO), the wholesale banking market will open up in 2004 and, by 2007 foreign banks will be allowed to start retail banking with the Chinese people in local currency.

The group expected to sell credit cards, mortgages and wealth management products to the emerging middle income earners in about 10 major cities in 10 years.

Standard Chartered is one of only a handful of international banks positioned for opening of China's markets.

In 2002, it opened its first two retail branches in Shanghai and Shenzhen and in July, the bank took a 50 million stake in the initial public offering of BOC Hong Kong (Holdings) Ltd -- a subsidiary of the Bank of China, on the Stock Exchange of Hong Kong.

Standard Chartered plc's revenue increase to 4,539 million US dollars, three percent up in 2002. Debt charge also went down by 19 million dollars during the same year.

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