Standard Chartered plans to incorporate its HK business

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Last updated at: (Beijing Time) Friday, January 16, 2004

Standard Chartered plans to incorporate its HK business

Standard Chartered PLC (the Group) announced Thursday its intention to seek all necessary approvals to incorporate its business in Hong Kong under a wholly-owned subsidiary company.

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Standard Chartered PLC (the Group) announced Thursday its intention to seek all necessary approvals to incorporate its business in Hong Kong under a wholly-owned subsidiary company.

The incorporation plan underpins the Group's strategy for the Chinese mainland, China's Hong Kong Special Administrative Region (HKSAR) as well as China's Taiwan.

It gives the Group an opportunity to further capitalize on the business opportunities created as a result of the closer economic integration between Hong Kong and the Chinese mainland.

"This is a signal of our confidence in HKSAR and the Chinese mainland," said Bryan Sanderson, Standard Chartered's chairman.

He said Hong Kong is our largest market and the Chinese mainland, HKSAR and China's Taiwan are at the heart of the Group'sgrowth strategy.

Standard Chartered has been committed to Hong Kong and China for nearly 150 years. Standard Chartered Bank opened its first branch in the Chinese mainland in 1858.

The bank operated in Hong Kong since 1859 and has been issuing Hong Kong banknotes since 1862. Standard Chartered PLC listed on the on the Stock Exchange of Hong Kong in 2002.

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