Standard Chartered to offer China’s rich more foreign investment choices via its global network as home markets wilt
- Standard Chartered Bank taps its global network, particularly in the Middle East and Africa to help Chinese capital access markets
- The move comes amid China’s consolidated economic tie-ups with the countries in those regions
Standard Chartered, one of Hong Kong’s three currency-issuing banks, plans to strengthen its role as an international service provider in mainland China, tapping its wealthy clients’ rising appetite for assets around the globe.
The emerging market-focused lender said it would facilitate Chinese capital to access markets in the Middle East and Africa amid China’s consolidated economic tie-ups with the countries in those regions.
“We are considering expanding our international banking services [in China], riding piggyback on Standard Chartered’s global network, particularly in the Middle East and Africa, to cater to clients’ demand,” said Richard Li Feng, deputy CEO of the bank’s China business.
Technically, mainland businesses and individuals are not able to deposit their money in a bank account offshore or invest directly in equities and bonds abroad.