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Standard Chartered triples profit

By Wang Zhenghua (China Daily)
Updated: 2007-03-01 09:43

Throughout 2006, the bank released more than 100 new products for its consumer and wholesale banking customers, while its network expanded to cover 22 locations in 14 cities.

Since the beginning of the year, the bank has launchedretailbranches in Nanjing, capital of East China'sJiangsuProvince and Chengdu, capital of Southwest China'sSichuanProvince. It also opened a sub-branch in Shanghai in January and received approval to have an outlet inChongqingMunicipality.

Chief Executive OfficerPeter Sands said on Tuesday that the lender remains optimistic about China, even though it is still a "relatively small market" for the bank.

"2007 will be an important year for us in China," he said. "China will have bumps. We know how to navigate them."

The bank plans to offer private banking and incorporate to offer currency services, as well as credit and debit cards to individuals.

(China Daily 03/01/2007 page14)