UK bank seeks to double SME managers
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Standard Chartered Bank will double the number of relationship managers for the small and medium business in China in three years while targeting an annual revenue growth of 30 percent to 40 percent in the period to tap China's rising economy.
The bank moved its northeast Asia headquarters for the business from Hong Kong to Shanghai in March because China posted the fastest growth in the SME segment.
The bank is set to double the 650 relationship managers it now has for the SME business in China over the next three years.
The bank will also expand its network in China by penetrating two or three more cities next year, said Betty Ku, the bank's Northeast Asian head of SME banking, yesterday.
"Our China business grew strongly and we will continue to expand our market share," Ku said.
The bank has grown its client base in China by 30 percent in the first half of this year while its revenue in the sector increased 42 percent. Loans to this sector soared 78 percent in the first six months after surging 60 percent in 2009 in China. The business grew 14 percent for the bank last year globally.
