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Standard Chartered aims to triple income from Greater Bay Area in five years

  • The bank plans to increase its headcount in the mainland Chinese cities of the bay area from 1,400 now to 2,500 in 2023
  • Wealth management, retail banking, corporate banking and green finance will be the focus

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The lender is investing US$40 million in a new bay area centre in Guangzhou, and aims to have more than 1,600 staff there by 2023. Photo: Reuters
Enoch Yiu

Standard Chartered aims to triple its income from the Greater Bay Area over the next five years as it expands in one of the world’s fastest-growing areas.

The lender, one of Hong Kong’s three note-issuing banks, plans to increase its headcount in the mainland Chinese cities of the bay area from 1,400 now to 2,500 in 2023, according to its Greater Bay Area chief executive Anthony Lin. It is investing US$40 million in a new bay area centre in Guangzhou, and aims to have more than 1,600 staff there by 2023.

Standard Chartered last month reported a worse-than-expected pre-tax loss of US$449 million in the fourth quarter. The bay area still reported growth last year as China became the first major economy to report growth after largely containing the Covid-19 outbreak.

“We will expand in the Greater Bay Area business in a wide range of sectors, from wealth management, retail banking to other corporate banking business,” Lin said in an online media briefing.

Standard Chartered last year became the first major bank to announce the creation of a chief executive role for the Greater Bay Area. Lin, a Hong Kong native who was formerly head of Taiwan for Standard Chartered, took the position in October.
Bank of East Asia and HSBC in February also appointed new heads to take charge of the Greater Bay Area. These appointments show local lenders are eyeing business growth in the zone which comprises 11 cities with a population of 72 million, 10 times that of Hong Kong.

Beijing wants to promote talent and capital flow among the cities of the future economic hub, including a wealth management connect scheme which will allow mainland residents to invest in international investment products via Hong Kong banks. At the same time, Hong Kong residents will be able to invest in mainland products through Chinese banks.

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