Standard Chartered Bank (China) Ltd said yesterday it will boast the largest private banking network among foreign banks in China when it offers such services that target millionaires in four more cities on the mainland.

The UK-based bank has received approval to offer full-scale private banking services in Shenzhen, Hangzhou, Suzhou and Guangzhou. With the bank's existing network in Shanghai and Beijing, it said it has the largest private banking network among foreign banks in China.

"We're excited by the future for private banking at Standard Chartered. The private bank's expansion into these four cities will position us well for our growth in China," Peter Flavel, global head of Standard Chartered Private Bank, said.

Karen Chan, head of private banking at Standard Chartered Bank (China), said the ''network expansion underscores our commitment to building our business in China. We aim to be in 10 cities by 2011."

Standard Chartered China launched its private banking centers in Shanghai and Beijing in 2007 and has seen its private banking client base grow five-folds in 12 months in China. The number of high net worth individuals with investable assets above US$1 million in China, the bank's target group, has grown by double digits. The number is expected to grow to 610,000 at the end of 2011.

(Shanghai Daily October 10, 2008)