Sunday, November 30, 2008

Village bank aims to tap China's rural business

Standard Chartered Bank yesterday opened its first village bank on China's mainland yesterday to tap the rural business.

The Inner Mongolia Helingeer Standard Chartered Village Bank Ltd also marks the entry of the first foreign-invested village bank to the Inner Mongolia Autonomous Region.

The village bank, a wholly owned subsidiary of Standard Chartered Bank, will enable farmers, stock breeders and ancillary enterprises in Helingeer County to have access to more financial services. Initially, the bank will offer deposits and remittance services. Loan services will be added soon.

"Standard Chartered Bank has strong interest and active participation in the rural banking business," said Katherine Tsang, CEO and executive vice chairman of Standard Chartered Bank (China) Ltd.

"With the support of regulators and the local authorities, we are confident that we will excel in the village banking business and significantly contribute to the development of the financial services industry in rural China."

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