StanChart opens Hangzhou branch

Standard Chartered Bank<2888> inaugurated a branch in Hangzhou, a city in East China's Zhejiang province, in a bid to expand its business into the country's prosperous Yangtze River Delta regions.

Hangzhou branch is the UK-based bank's 13th outlet on the Chinese mainland and the first in Zhejiang province. It will offer cash management, trade and supply chain services, banking, global markets solutions and banking services to its corporate customers as well as private banking services to individuals.

Standard Chartered Bank made its presence in China as early as in 1858, when it established its first branch Shanghai. After 150 years' development, it has become one of the leading foreign lenders on the Chinese mainland.

According to earlier report from China Knowledge, it made great achievement last year in the mainland consumer business market. Its revenue, numbers of clients and RMB deposits have been doubled after it was officially incorporated on Mar 29, 2007.