Standard Chartered Bank plans to cut back its network of branches and offices in the mainland.
Lance Browne, Chartered's chief executive, China, yesterday said the bank had applied to close a branch in Haikou, capital of Hainan province; and a representative office in Nanning, capital of the Guangxi Autonomous Region.
The move, which awaits the approval of the People's Bank of China and is likely to take place in the third quarter, will leave Chartered's status as the largest foreign bank operating on the mainland intact - with seven branches, a sub-branch, and six representative offices.
Mr Browne said fewer than 10 people were employed in the two locations and expected the closure would have no material impact on revenues earned by the bank's mainland operations.
