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Standard Chartered expands private bank in China

Standard Chartered has become the latest bank to beef up its China private banking operations after getting the green light to open offices in four new cities.

The bank will open operations in Shenzhen, Hangzhou, Suzhou and Guangzhou, in addition to Shanghai and Beijing, which it opened last year. It says the additional footprint will make it by far the largest foreign bank in the region. Private banks have been jostling for a foothold in the the sixth-fastest growing high net worth market in the world.

Barclays Wealth, Clariden Leu and ING have all been hiring in China recently. The private bank said it aims to be in ten Chinese cities by 2011, and has seen its client base in China grow five-fold in 12 months.

It will also strengthen its team and add onshore capabilities in the four new cities.

Peter Flavel, global head of The Standard Chartered Private Bank, said: "The Standard Chartered Private Bank has a full service client proposition that leverages its heritage and expertise in China, where the bank has been for 150 years."

Source: Financial News
Date: 14.10.2008 [198]

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