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Standard Chartered H1 China growth trumps global growth
By Lydia Chen |
August 24, 2011, Wednesday
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Online Edition
Online Edition
STANDARD Chartered PLC's Chinese mainland business has expanded at a faster pace than its global growth in the first half of this year.
The company pledged to continue increasing and investing in its consumer banking presence in the country during the second half, its consumer banking head said today.
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.
Choi 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, its consumer banking head said today.
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.
Choi disclosed that a Xi'an branch has been given the green light and will open for business this month.
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