More overseas lenders are considering entering China's rural bank sector, answering the government's call to support financial development of the sector.
Standard Chartered Bank said yesterday it is very interested in tapping the market and is making preparations.
"We will disclose more details at the proper time (and) we are committed to the sector," said a Standard Chartered spokeswoman yesterday.
Citibank is also very positive towards entering the rural area and setting up a bank as it is keen to establish a presence in the nation's rural market.
"Citi supports China's commitment to accelerate the development of financial services in its rural economy," said a Citi spokesman in China, who declined to elaborate.
Hong Kong-based Bank of East Asia said it is also mulling the possibility to tap the rural market.
Meanwhile, HSBC is set to become the country's first overseas lender to set up a rural bank in China. HSBC Rural Bank Co will open in December in Hubei Province with an initial investment of 10 million yuan (US$1.34 million).