BEIJING — China remains a key focus for Standard Chartered Bank and the group’s overall commitment to the country has only increased, said Bill Winters, group CEO of the banking corporation, in a recent interview with Xinhua News Agency.
“We are constantly evolving our business in China, and we are looking at where our role as a connector can be most effective and most helpful. As trade patterns change, the Chinese population becomes wealthy, and the needs of our clients in China continue to evolve. As national priorities change, we adjust our business model,” Winters added.
He noted that this adjustment sometimes means expanding operations in new locations or scaling back certain services, but emphasized that the bank’s overall commitment to China remains stronger than ever.
One of the bank’s key growth areas has been supporting Chinese manufacturers, such as electric vehicle and battery makers, as they expand overseas, Winters said, noting that Standard Chartered has played a critical role by providing financing, currency hedging and other essential services to these companies.
As an international bank with operations across all ASEAN countries, most South Asian nations, and major economies in the Middle East and Africa, Standard Chartered is well-positioned to support Chinese companies in navigating any transition, Winters said. “We have done that, and it’s been a material source of growth for our business. We’ll continue to help Chinese companies in every way that we can.”
According to the business leader, Standard Chartered’s operations in China are benefiting from the country’s economic recovery, the opening-up of the country’s capital markets, and the internationalization of the renminbi.
Winters noted that recent policy measures introduced by Chinese authorities have been highly effective in reducing financing costs, especially in the property sector.
This post was originally published on here
