Standard Chartered seeks Taiwanese clientele in China

Eying the growing financial demand from Taiwanese businesses operating in China, Standard Chartered Bank plans to double its branches across the Taiwan Strait to 20 by the end of next year, bank officials said yesterday in Taipei.

The London-based bank currently has 10 branches, three sub-branches and four representative offices in China.

Seven branches have obtained approval to trade the yuan in Beijing, Shanghai, Shenzhen and other first-tier cities.

The bank is looking to expand the branch network to 20 next year, with each requiring initial capital of over 300 million yuan (US$37.4 million), said Louise Vogler, head of transaction banking at Standard Chartered China's wholesale banking division, at a press conference in Taipei yesterday.

This expansion plan comes as Taiwanese businesspeople are facing regulatory changes in current and capital accounts, as well as challenges posed by their operational diversification across the Strait, she said.

In compliance with its WTO accession commitments, China is expected to loosen restrictions on yuan trading starting Dec. 1, allowing banking institutions in every city to offer such service to individuals and businesses.

To provide more friendly and professional services to Taiwan-ese enterprises, Standard Chartered Bank has established an 18-person team in charge of customer relationship management. With four of the team members hailing from Taiwan, it now offers tailor-made services in Standard Chartered branches in Shanghai, Guangzhou, Shenzhen, Beijing, Nanjing and Suzhou.