Standard Chartered Bank Plc seeks further aggressive growth on the Chinese mainland this year after it made a big splash in 2007.
The bank plans to increase its number of outlets to 60 this year from last year's 38, the bank told Shanghai Daily yesterday.
Automatic teller machines will also be boosted to about 200 this year from last year's 100-plus.
"We plan to increase our manpower in line with our business growth in 2008," the bank said yesterday, declining to give more details.
In 2007, the bank boosted its employee numbers on the mainland to 4,300 from 2,100, and increased its branches from 23 to 38.
Standard Chartered, which generates two-thirds of its profit in Asia, launched more than 100 products in the consumer and wholesale banking sectors last year.
The bank also said yesterday it has become a primary underwriter of Chinese government bonds appointed by the Ministry of Finance, and the primary dealer in open-market operation of the People's Bank of China, a step forward for its participation in China's capital markets.
The bank's operating profit before tax on the mainland rose 72 percent to US$184 million in 2007. Its income grew 73 percent to US$498 million in the same period.
The Chinese market growth outpaced the bank's worldwide growth last year.
Operating profit before tax rose 27 percent to a record US$4.04 billion and its operating income jumped 28 percent to US$11.07 billion.
Standard Chartered was among the first batch of four overseas banks to locally incorporate on the mainland last April, offering unlimited yuan services to Chinese. Chinese authorities require overseas banks to incorporate locally if they want to fully tap individual yuan services and sell bank cards.
(Shanghai Daily, February 28, 2008)
