Standard Chartered Bank's consumer banking arm plans to add up to 15 outlets on China's mainland this year as maximizing opportunities is more important at this stage of its growth than focusing on profitability.
The bank has opened five outlets this year and will add about six to 10 new branches later this year, said Wilson Chia, country head of consumer banking at Standard Chartered Bank (China) Ltd, yesterday in Shanghai. In 2008, the bank had 50 outlets.
"China is our home. We are committed to China in good times and bad times. We will continue investing in people, channel and products," Chia said.
He played down the urgency to make profit, saying "We can break even any time we like."
(Shanghai Daily March 12, 2009)
