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Standard Chartered makes $300m China commitment

By Qiu Quanlin in Guangzhou | chinadaily.com.cn | Updated: 2022-05-16 21:38

A logo of Standard Chartered is seen in Nanjing, East China's Jiangsu province, on Oct 24, 2020. [Photo/IC]

Standard Chartered Bank, a leading international banking group, has committed to a $300 million investment over the next three years into its China-related businesses, according to a senior executive of the company.

"With our extensive network, product and talent capabilities in Asia, we are well-placed to capture the significant opportunities that come with China's continuous opening and renminbi internationalization to provide seamless and innovative banking services for individuals and corporate clients," said Benjamin Hung, chief executive officer of Asia for Standard Chartered.

Hung's remarks followed the bank's recent opening of its center in the Guangdong-Hong Kong-Macao Greater Bay Area, which marked the completion of its $40 million development.

The center, located in Guangzhou, capital of Guangdong province, supports the dynamic growing opportunities in the new economy sectors in the Greater Bay Area, serving the cross-border needs of clients across consumer, private, business, corporate, commercial and institutional banking, according to the bank's sources.

Serving as a key business, operations and technology hub, the GBA center comprises the company's banking center and its support network to provide a full range of banking solutions for clients in the region.

The center also houses the bank's first axes labs in the Chinese mainland to conduct research, aiming to provide cutting-edge financial technology innovation and market disruptive products to enhance its digital banking services.

"The GBA is a strategic focus, and our business in the region will play an integral role in contributing to the bank's aspirations in Asia. We are accelerating our focus in seizing opportunities in China, with the ambition to double profit contributions to the group by 2024," Hung said.

The rising inbound and outbound trade and investment flows open up greater opportunities to expand the regional financial ecosystem, according to Anthony Lin, chief executive officer for the Greater Bay Area at Standard Chartered.

"We will support the transformation needs of enterprises in supply chain and finance in coping with the challenge to support the 'carbon peak' and 'carbon neutrality' carbon targets," Lin said.

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