Standard Chartered looks to strengthen hand in China

Standard Chartered (STAN.LSE, 2888.HK) believes its recent partnership with Agricultural Bank of China (ABC) will prove a good opportunity to deeper penetrate the mainland market while allowing it to assist domestic companies expand abroad, particularly in Africa, the Wall Street Journal reported. The Asia-focused British bank signed a deal with ABC last month to explore joint business opportunities and paved the way for it to become a cornerstone investor in ABC’s imminent listing in Hong Kong. Asia Chief Executive Jaspal Singh Bindra said: "Hong Kong is going to be a pilot for everything – it’s their (ABC’s) first port of call outside the mainland." Bindra said the bank hopes to help ABC’s corporate clients expand globally, particularly in Africa where Standard Chartered has a strong presence. "If you are doing business in China and Africa, we are the only bank in Africa that has a significant presence in Asia. Almost by default we are close to a monopoly on that corridor," he said.