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Standard Chartered to continue boosting mainland operations

(Xinhua)
Updated: 2009-03-04 11:34

Standard Chartered PLC will continue to invest in its operations on the Chinese mainland, the company's chief executive officer for Asia said Tuesday.

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Announcing the group's 2008 annual results at a press conference in Hong Kong, Jaspal Bindra said the Chinese mainland operations contributed a total income of $632 million in 2007, up 27 percent year-on-year.

Standard Chartered also increased its headcount in the Chinese mainland by 1,000 and increased the number of its outlets there to 54 in 2008 from 38 at the end of 2007.

Standard Chartered reported a year-on-year net profit growth of 17 percent, which was much better than expected as most banks have been battered by the challenging environment over the past year. Senior management of the company attributed their stronger performance to their strategy of focusing on the emerging markets.

The Chinese mainland will be of the key markets for Standard Chartered, they said.

"We are still investing in building up the network (on the Chinese mainland)," Bindra told reporters in Hong Kong.

Headquartered in London but with limited operations in the developed markets, Standard Chartered has been successful in tapping opportunities in the emerging markets. It has established outlets in several tier one cities in the Chinese mainland.