RETAIL BANKING | Cesar Tordesillas, China

Standard Chartered's growth fastest in China

Standard Chartered experienced faster expansion of its Chinese mainland business than the rest of its units in the  first half of 2011.

Income from all its Chinese businesses from January to June posted an annual 16 percent growth to US$404 million.

Consumer banking increased 19 percent from a year ago to US$117 million in the first half, said Jungkiu Choi, the new head of Standard Chartered Bank (China) Limited’s consumer banking business, in an exclusive interview with Shanghai Daily.

Choi credited the growth to the clarity of the bank’s market strategy in emerging markets and its diversified product offering.

The bank opened eight new branches in the first six months of this year, Choi said. Currently, it has 19 branches, 51 sub-branches and 1 village bank in the mainland. He disclosed that a Xi’an branch has been given the green light and will open for business this month.

The company pledged to continue increasing and investing in its consumer banking presence in the country during the second half, added Choi.

The full story is available at Shanghai Daily.

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