Wednesday, March 26, 2008

Standard Chartered eyes bigger China consumer banking market

Standard Chartered Bank (China) Co said it plans to double its business in consumer banking this year in mainland China, but also noted that macro-economic controls may curb growth.

The bank hopes its consumer banking business could maintain the growth it achieved in 2007 when the business saw a 100% rise in revenue, number of clients and RMB deposits after it became a locally incorporated entity, offering unlimited yuan services, in April last year.

In line with its expansion strategy, the number of ATM is expected to be boosted from 130 to 200 this year and branches are estimated to increase to 60 from 38.

Additionally, the UK-based lender will expand small business lending to more second-tier cities this year and extend direct individual loans to white-collar customers to more cities besides Shanghai, Shenzhen and Beijing.

Meanwhile, the lender will closely watch the macro-economic policies as the Chinese government has pledged to further tighten monetary policy to tame the soaring inflation.

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