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Standard Chartered To Increase Branch Network In China To 100

3/25/2012 12:38 AM ET

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.

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by RTT Staff Writer

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