BIZCHINA / Overseas Investment
StanChart says China to be key in private banking
(Reuters)
Updated: 2007-06-25 15:28
Standard Chartered Plc said on Monday that China could be its largest
market for private banking within 10 years, as the Asia-focused bank
looks to leverage its growing list of corporate customers.
"I believe China will be the biggest contributor to private banking value
for the group," China Chief Executive Katherine Tsang told reporters at
the opening of the bank's first private bank office in China.
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The bank will open an office shortly in Shanghai and plans to expand
rapidly around the country in the coming years.
"We look to be in another eight to 10 towns and cities in China over the
next three years," said Peter Flavel, the global head of Standard
Chartered's private banking business.
The bank joins rivals such as Citigroup Inc and France's BNP Paribas
which have already set up private banking offices in China, where a
10-percent rate of annual economic growth in recent years has created
more than 200,000 high net-wealth individuals.
Over the past month, Standard Chartered has launched its private banking
business in 10 markets around the world, and will add another 10 markets
in three to four years, said Flavel.
Domestic lenders such as China CITIC Bank and Merchants Bank, are also
planning to launch private banking services in the world's fourth-largest
economy, as consumers look for investment channels offering higher
returns than regular bank deposits.
(For more biz stories, please visit Industry Updates)
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