StanChart seeks China growth

STANDARD Chartered is setting its sights on becoming a major foreign player in China's fast-growing market while also assessing takeover opportunities in Hong Kong.

Chairman Bryan Sanderson, on his first trip to the region since taking up the post three months ago, also said the bank may incorporate its Hong Kong operations locally to benefit from a trade deal between the territory and Beijing. 'We are very anxious to be one of the big foreign players in China as it opens up,' Sanderson said yesterday. 'How quickly we move in, we're working on.'

Standard Chartered, which makes two-thirds of its profits in Asia, has said it is in negotiations with some of China's 10 joint-stock commercial banks. Current regulations cap foreign shareholdings there at 15%.