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Stanchart wants a whole 1 percent of the Middle Kingdom

Stanchart wants a whole 1 percent of the Middle Kingdom

(China) - Standard Chartered Bank is looking to secure one percent of the huge China bank market by 2010 through developing both its consumer business and corporate banking. The Bank, in Mainland China for 143 years already, wants its hands on the country's legendary consumer deposits directly or in partnership with a local player.

Citibank, HSBC and Bank of East Asia have recently received regulatory approval to enter the market with Stanchart's also immanent.

The bank plans to focus on developing its FX business in Beijing, Shanghai, Shenzhen and Guangzhou, given over 60 percent of China's US$80+ billion of individual FX deposits are located in these four centres. This is expected by the Bank to require a doubling of its some 330 existing China staff over the next two years, including 100 employees in its consumer banking operations.

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