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Standard Chartered in overdrive to expand network (2) |
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09:50, July 18, 2007 |
The bank is also looking to expand into the nation''s mortgage lending market, credit and debit card business as well as private banking, targeting the emerging middle class.
"Mortgage market will continue to be a fundamental engine for our bank and China offers the most attractive single mortgage market looking out to 2011," DeNoma said, adding that the business base will enlarge by 20 to 30 times the current size in China in the next five years.
Along with three other overseas counterparts, including HSBC, Citigroup and Bank of East Asia, Standard Chartered is waiting for a license from the regulators to make a foray into the debit and credit card businesses.
It plans to launch private banking operations early next month in Shanghai and Beijing with a focus on entrepreneurs and senior executives with investable wealth of more than $1 million.
Source:China Daily
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