StanChart opens 2nd sub-branch in Chengdu
Posted:2008-8-28|Source:internet|No. of Views:
Aug. 28, 2008 (China Knowledge) - Standard Chartered Plc<2888><STAN>, a London-based international bank with significant operations in Asia, said on Tuesday it has opened its second sub-branch in Chengdu, to further tap the financial market in western China.
The new sub-branch offers local and foreign currency banking services, according to Standard Chartered's statement.
Standard Chartered set up a representative office in Chengdu in 1994. On March 2005, it secured approval from the China Banking Regulatory Commission (CBRC) to upgrade its Chengdu representative office to a sub-branch.
Earlier in May, Peter Sands, Chief Executive of the bank had said the lender planned to increase its number of outlets in China by 60% or 60 branches and sub-branches by the end of 2008, compared with 38 in late last year.
Its major rivals in the country HSBC<5><HBC> now runs 66 branches and sub-branches in the country, while Citigroup has 25 branches.
Standard Chartered posted a pretax profit of €2.59 billion in the Jan.-Jun. period, an increment of 31% year on year, fuelled by strong growth in Asian market.
