Standard Chartered PLC (the Group)Tuesday announced its intention to transfer its Hong based branch and subsidiary businesses into one new banking subsidiary, Standard Chartered Bank (Hong Kong ) Ltd (SCBHK), a licensed bank incorporated in Hong Kong.

On July 1, 2004, the following Standard Chartered businesses will be merged into SCBHK, namely, the Hong Kong Branch of Standard Chartered Bank, Manhattan Card Company Ltd, Standard Chartered International Trade Products Limited and Chartered Capital Corporation Limited.

Bryan Sanderson, chairman of Standard Chartered PLC, said "we are excited by the strategic opportunities that incorporation of our Hong Kong business will bring. We have been committed to Hong Kong and Chinese mainland for nearly 150 years.

He said "China is a high priority on our investment agenda. By incorporating the Hong Kong business, the Group will be in an even better position to expand in the fastest-growing, major economy in the world."

Standard Characterized Bank opened its first branch in China in1858 and is the oldest foreign bank in the country. The bank has operated in Hong Kong since 1859 and has been issuing Hong Kong banknote since 1862. Standard Chartered PLC listed on the Sock Exchange of Hong Kong in 2002.

Standard Chartered employs 30,000 people in over 500 locations in more than 50 countries.

Source: Xinhua