UK bank aims to lift SME sector
By Zhang Fengming |
May 22, 2010, Saturday
|
Print Edition
Print Edition
STANDARD Chartered Bank has moved its northeast Asia headquarters for small and medium enterprise banking from Hong Kong to Shanghai as it aims to ride on the strong growth on the Chinese mainland.
The British bank, which reaps in two-thirds of its profits in Asia, expects a stronger expansion in its business due to sound economic growth on the mainland.
"We're confident of making a further breakthrough on the mainland this year as the economy is rising," Betty Ku, head of SME banking in northeast Asia for Standard Chartered, said yesterday in Shanghai.
"China is set to be the fastest growing market in the northeast Asia region," said Ku, who relocated to Shanghai in March.
The bank saw its SME business grow 38 percent on the mainland in terms of deposits in 2009. The mainland is the fastest-growing market for the bank in the SME sector. Standard Chartered is the first overseas bank to have a team targeting the SME market on the mainland.
The bank have also set up across-border relationship managers in Shanghai, Beijing and Shenzhen to attract overseas capital.
The British bank, which reaps in two-thirds of its profits in Asia, expects a stronger expansion in its business due to sound economic growth on the mainland.
"We're confident of making a further breakthrough on the mainland this year as the economy is rising," Betty Ku, head of SME banking in northeast Asia for Standard Chartered, said yesterday in Shanghai.
"China is set to be the fastest growing market in the northeast Asia region," said Ku, who relocated to Shanghai in March.
The bank saw its SME business grow 38 percent on the mainland in terms of deposits in 2009. The mainland is the fastest-growing market for the bank in the SME sector. Standard Chartered is the first overseas bank to have a team targeting the SME market on the mainland.
The bank have also set up across-border relationship managers in Shanghai, Beijing and Shenzhen to attract overseas capital.
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