British investment bank Standard Chartered is planning to invest up to $40 million to establish a new base of operations in Guangzhou as part of its continued push to expand its presence in the country's Greater Bay Area. The company announced on Monday that it will be constructing a new building in the city called the Standard Chartered Greater Bay Area Center.
According to the company, the new center should be completed by the end of 2023. With its completion, Standard Chartered hopes to expand its operations in the region with the hiring of additional employees. The bank is aiming to increase its Chinese workforce to at least 1,600 people once the new center is built. The London-based bank operates a network of more than 1,200 branches worldwide, employing more than 87,000 people globally.
The establishment of the new center is part of the company's strategic plan that focuses on increasing its market shares in the Guangdong-Hong Kong-Macao Greater Bay Area. The center will mainly be supporting the company's retail and corporate banking operations in the region, including providing easier access to its suite of financial solutions and cross-border banking services.
Standard Chartered's chief executive officer, Bill Winters, mentioned in a statement that the demand in the Greater Bay Area for high-end banking services is continually growing. He added that the world-class city cluster is rapidly growing and more companies are now trying to take advantage of that growth by establishing their presence.
The bank is aiming to play an integral part in the further development of the Greater Bay Area by leveraging its talent, experience, and technology to offer innovative new products. Standard Chartered group CEO of retail banking, Benjamin Hung, outlined that the new investment is a further indication of the bank's confidence in the continued growth in the region and its commitment to serve its Chinese customers.
China has also been accelerating the rollout of supportive measures and initiatives aimed at enhancing the development of the Greater Bay Area. In May, the People's Bank of China and other financial regulators had outlined a number of proposed plans to provide financial support to the development of the region.
This included a proposed cross-country wealth management connect pilot scheme that would open new opportunities for financial institutions wishing to expand in the region. China is also fostering further cooperation among financial institutions in Hong Kong, Macau, and mainland China to support the ongoing development in the Greater Bay Area.
