Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Standard Chartered To Increase Branch Network In China To 100

British lender Standard Chartered Plc (STAN.L,STAC.L,SCBFF.PK) plans to invest significantly in China as it seeks to increase its branches in the mainland in 2012 to 100 from the current 83, Xinhua reported quoting the company's chief executive officer Peter Sands.

Opening of new branches will depend on the timing of the licenses and the obtaining of properties. The lender will hire more hands to operate the increased network.

The lender hired around 2,000 people globally in 2011 taking the total headcount to around 87,000. Among countries, China topped the headcount growth.

Sands also said the bank would play a leading role in using the renminbi in London and will also participate in preparations on thoughts about London's role as an offshore renminbi center.

Click here to receive FREE breaking news email alerts for Standard Chartered PLC and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
The U.K. economy grew more than estimated in the second quarter and the current account deficit widened from the first quarter, the Office for National Statistics said Tuesday. Gross domestic product grew 0.9 percent sequentially, up from the prior estimate of 0.8 percent. The annual growth was confirmed at 3.2 percent. Eurozone inflation slowed in September, as expected, to the lowest since late 2009 and the unemployment rate remained stable at a double digit level in August putting pressure on the European Central Bank to launch a full-blown easing. Inflation came in at 0.3 percent, slower than August's 0.4 percent. This was the lowest since October 2009, when prices fell 0.1 percent. Chinese authorities on Tuesday eased some rules for mortgages for buying a second home, in a bid to boost the housing market. The People's Bank of China and the China Banking Regulatory Commission said in a joint statement that buyers who already own one apartment, but have paid off the mortgage...
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.