Hong Kong’s Standard Chartered Bank will increase the number of its branches from 61 to at least 100 in 2011, which is equivalent to the number of branches in China of its rival, HSBC.
Lin Yuandong, president of the Shanghai branch of Standard Chartered Bank, said the bank has achieved the 75% loan-to-deposit ratio required by the China Banking Regulatory Commission.
He said Standard Chartered Bank will increase its investments in China. In addition to increasing the number of branches, Standard Chartered Bank in China will adopt an all-round development pattern in terms of its internal capital and risk assets allocation.
English People’s Daily Online reports Standard Chartered Bank has 5,000 employees in China at present. It was a cornerstone investor in Agricultural Bank of China’s IPO this year and holds a 20% interest in China Bohai Bank.
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