British bank Standard Chartered Bank said it will double its outlets in China over the next 18 months, in its latest move to cash in on the nation's huge business opportunities.
The bank said in an announcement that it has 20 outlets in 14 Chinese cities and plans to open two new sub-branches by the end of this year.
Economists believe foreign banks will quicken their expansion in booming China following the nation's move to fully open its banking sector to foreign competition from December 11.
The rules will allow foreign banks to receive deposits from the general public, issue credit cards, grant loans and offer other services to individual and corporate customers.
Foreign banks that incorporate locally will enjoy preferential treatment. Banks that do not incorporate locally will not be authorized to receive deposits of less than one million yuan (126,900 U.S. dollars), nor will they be able to issue Renminbi credit cards.
The Standard Chartered Bank said it has applied to the China Banking Regulatory Commission to set up a China-registered subsidiary to conduct Renminbi business for individuals.
"We are glad to have the opportunity to set up a local subsidiary and hope to gain robust growth in the future," said Mervyn Davies, Group Chief Executive of Standard Chartered.
Ba Shusong, vice director of the financial institute of the State Council Development Research Center, said earlier that leading world banks like HSBC and Citibank have expressed their willingness to incorporate their business locally in China and set up a corporate entity.
Ba said the three banks are expected to be among the first batch of foreign lenders to qualify for Renminbi business services for Chinese individuals.
