Bank Eyes Consumer Business to Expand - ResearchInChina
Date:2008-03-26
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Standard Chartered Bank (China) Co aims to double its business in consumer banking this year on the Chinese mainland, but also noted that macro-economic controls may curb growth.
The bank hopes that its consumer banking business on the mainland can maintain the growth in 2007, said Christine Ip, country head of consumer banking, yesterday.
The bank will also closely watch macro-economic measures and try to keep a stable and healthy growth this year, she said.
Its consumer banking business doubled in terms of revenue, number of clients and yuan deposits in 2007 as the bank became a locally incorporated entity, offering unlimited yuan services, in April last year.
The bank plans to raise its branches from 38 to 60 this year and boost the number of automatic teller machines from 130 to 200.
The bank will expand small business lending to more second-tier cities this year and grow non-collateral individual loans to white-collar customers to more cities from Shanghai, Shenzhen and Beijing.
The bank has joined the nationwide individual credit system under the People's Bank of China to assess the credit-worthiness of individual clients.
The bank's operating profit before tax on the mainland jumped 72 percent to US$184 million in 2007 and its income expanded 73 percent to US$498 million in the same period.
UK-based Standard Chartered is among the first batch of four overseas lenders to locally incorporate on the Chinese mainland. | |
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