A branch of Standard Chartered Bank in Chengdu. It was one of the first foreign banks to open an office in Sichuan's capital. Provided to China Daily

Decked out in a navy pinstriped suit, white shirt and a dark tie, Goh Nai-Shin could easily be mistaken for your average banker in the City of London.

But Goh is proof that one does not have to work in the British capital's financial district to be successful. The Singaporean banker said there is just as much promise to be found in Chengdu, which is about 8,000 kilometers away.

"The group sees China as having great opportunities and within China, we see opportunities in the western region in particular, so we want to invest heavily here," said the 40-year-old general manager of the Chengdu Branch of London's Standard Chartered Bank and also the head of its department of small and medium-sized business in the western China region.

The oldest foreign bank with a branch in Chengdu, Standard Chartered established its first representative office in 1994.

In March 2005, the bank received approval to upgrade the Chengdu representative office to a full branch.

In December 2005, Chengdu branch became the first branch for the bank in western China with the license to conduct a full range of foreign currency business with corporations as well as individuals.

"Standard Chartered has been at the forefront of promoting SME products. In terms of SMEs here, we are talking about micro-SMEs with annual turnover of $10 million or lower," Goh said, adding his bank launched the product of business installment loans in the capital of Sichuan province in 2008 to provide one to three year term loans without the need to mortgage properties or third party guarantee.

"We see a lot of market potential," he said, noting more than 90 percent of the branch customers are local companies of which SMEs account for the majority.

Chengdu is transforming into the leading financial center in western China with the arrival of ever-increasing numbers of banks and institutions.

The capital city of Sichuan province is now home to at least 60 banks, 69 insurance agencies and 57 securities firms.

Thirteen international banks and 14 international insurance companies have branches in Chengdu, including Citigroup, HSBC, JPMorgan Chase and the Bank of Tokyo-Mitsubishi UFJ.

Now well established in the city, many multinational banks are looking to develop more local services in addition to catering to their global clients.

With its large number of financial institutions, Chengdu leads all other cities in western China in transactions.

Statistics from the city's financial office show that the balance of deposits in its financial institutions reached 1.7 trillion yuan ($275 billion) in 2011, with a loan book worth 1.37 trillion yuan.

Revenues in the city's financial sector that year hit 52.4 billion yuan, accounting for 8 percent of Chengdu's GDP.

But Goh, who has been in Chengdu for a year and a half, said the local financial market is "still in initial phase".

"We need to educate customers when introducing financial products to them," Goh said, adding that customers in mature markets, such as Beijing, Shanghai and Shenzhen, tend to use more sophisticated products.

But he noted that companies in Sichuan "are able to change" and are "willing to try new things and accept new ideas".

In addition to its expertise in serving SMEs, the other strength of Standard Chartered, Goh said, is its global network, especially in Africa and the Middle East.

"Now we see a trend that a lot of Sichuan businessmen are moving to Africa. We have an account network there. We have been in China for 150 years, and our history in Africa is as long as it is here," he said.

When a Sichuan firm decides on a major move in Africa, such as a merger, Standard Chartered will have a local team to help the customer.

A leading international banking group, Standard Chartered has about 1,700 offices in 68 markets, employing more than 89,000 staff.

It earns around 90 percent of its income and profits in Asia, Africa and Middle East.

The group opened its office in China in 1858 in Shanghai and now employs more than 8,000 staff.

In Chengdu, it now has a total of 150 employees, more than 90 percent of whom are Sichuan locals, Goh said.

"Although we are international bank, we believe we need to build a local talent pool so the business can be sustainable in the future," he said, noting the market share of Standard Chartered in Chengdu is still as small as below 5 percent.

"So there is a huge market for us. We'll continue to innovate and expand our product offerings to help our customers grow their business," Goh said.

zhanghaizhou@chinadaily.com.cn

(China Daily 05/21/2013 page18)