StanChart to add China branches by 60%

The lender has achieved the 75% of loan-to-deposit ratio required by the Chinese regulator.

With Asian emerging economies as its business base, the Hong Kong-based Standard Chartered Bank will accelerate the development of its business in China and increase the number of their branches from 61 to at least 100 in 2011, equivalent to the number of branches that its rival, HSBC Holdings, has in China, according to Hong Kong's Ming Pao Daily News.

Lin Yuandong, president of the Shanghai Branch of Standard Chartered Bank, said Standard Chartered Bank has achieved the 75 percent of loan-to-deposit ratio required by the China Banking Regulatory Commission.

Lin said that Standard Chartered Bank will increase its investments in China and it has established a long-term goal on the number of its branches. In addition to increasing the number of branches, Standard Chartered Bank in China will adopt an all-round development pattern in terms of its internal capital and risk assets allocation.

View the full story in the People’s Daily Online.