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Standard Chartered to launch private banking in 4 cities

(Agencies)
Updated: 2008-10-09 13:51

Standard Chartered Bank (China) Ltd said it has received approval to offer private banking services in Shenzhen, Hangzhou, Suzhou and Guangzhou.

Standard Chartered's private banking network will be the largest among foreign banks in China, spanning six cities including including Shanghai and Beijing.

In a statement, Standard Chartered noted that China's rapid economic growth has led to a significant rise in the number of high net worth individuals with investible assets above one mln usd.

By 2011, the number of such individuals is set to reach 610,000, the statement said, adding that Shenzhen, Hangzhou, Suzhou and Guangzhou have all experienced strong growth in recent years.

Karen Chan, head of Standard Chartered (China) Private Banking, added that the division aims to be in 10 cities by 2011.

Standard Chartered (China) launched its private banking centers in Shanghai and Beijing last June and September, respectively.

Standard Chartered Private Bank has grown its client base in China five-fold in 12 months, according to the statement.