STANDARD Chartered Plc, the UK bank that makes most of its profit in Asia, aims to increase its number of outlets in China by 60 percent this year, said Chief Executive Officer Peter Sands.
The London-based bank hopes to have 60 branches and sub-branches in China by the end of 2008, from 38 late last year, Sands said in an interview with Bloomberg Television last Friday.
"We are investing heavily in our distribution, investing in recruiting and training staff, and products," he said. China "is the single largest market in terms of investment for Standard Chartered." The UK bank invested US$6 million in its China consumer banking unit last year, Sands said.
China fully opened its banking industry in December 2006, triggering a rush among banks including Citigroup Inc and HSBC Holdings Plc to compete for the nation's US$2.5 trillion of household deposits. Foreign banks began incorporating their mainland units locally a year ago to secure eligibility for offering bank cards and yuan-denominated services to Chinese residents.