StanChart says China to be key in private banking
(Reuters)Updated: 2007-06-25 15:28
Standard Chartered Plc said on Monday that China could be its largest market for private banking within 10 years, as the Asia-focused bank looks to leverage its growing list of corporate customers.
"I believe China will be the biggest contributor to private banking value for the group," China Chief Executive Katherine Tsang told reporters at the opening of the bank's first private bank office in China.
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"We look to be in another eight to 10 towns and cities in China over the next three years," said Peter Flavel, the global head of Standard Chartered's private banking business.
The bank joins rivals such as Citigroup Inc and France's BNP Paribas which have already set up private banking offices in China, where a 10-percent rate of annual economic growth in recent years has created more than 200,000 high net-wealth individuals.
Over the past month, Standard Chartered has launched its private banking business in 10 markets around the world, and will add another 10 markets in three to four years, said Flavel.
Domestic lenders such as China CITIC Bank and Merchants Bank, are also planning to launch private banking services in the world's fourth-largest economy, as consumers look for investment channels offering higher returns than regular bank deposits.
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