Standard Chartered plans China growth

30 October 2006

Standard Chartered aims to expand its existing business in Asia through both organic growth and acquisitions, with China remaining a priority, the bank's chief executive Mervyn Davies has said.

Speaking to reporters in Beijing, Mr Davies said that the bank would be looking for further acquisitions following its imminent takeover of Taiwan's Hsinchu International Bank, although organic growth of the existing business would still be the focus.

"We are always actively looking, but the focus of the bank is organic growth," Mr Davies said according to Reuters.

"We don't have to buy anything."

The Hsinchu International deal seems as good as done, according to Mr Davies, who claimed that over 80 per cent of the shareholders had now approved the deal.

As for mainland China, Mr Davies said that the bank planned to expand its private banking operations as the number of wealthy individuals in the country increases.

"Private banking is a huge business opportunity and we intend to be a major player over the next few years," he said, according to Forbes.

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