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August 14, 2009

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UK bank to boost high-end business

Standard Chartered Bank plans to boost its high-end consumer banking business in Asia by hiring 850 more personnel, with more than half of the new employees to be recruited in China.

The London-based bank is riding on China's rising affluence amid the country's economic growth by boosting its number of officers who will provide high-end priority banking services.

"Some overseas banks retreated to their home base after the outbreak of the financial crisis, while the opposite is true for Standard Chartered," said Michael Thomas Pratt, the bank's regional head of consumer banking North East Asia.

The bank targets clients with a monthly average account balance of at least 700,000 yuan (US$102,489), or with a housing loan of no less than 2 million yuan, in China.

Affluent Chinese with investable assets of more than US$100,000 are expected to grow to 13.7 million by 2012 from 8.8 million last year, according to market observers.


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