Standard Chartered branch set for new business area

Standard Chartered Bank (China) Co Ltd's sub-branch set for Qianhai, a central business area under construction in the south of Shenzhen, has been put into operation, the bank announced on Monday. The office is now in another district in Shenzhen. It will be moved into Qianhai after the construction of the infrastructure has been completed.

The branch offers services mainly in foreign currency and renminbi for customers in and around Qianhai.

“Qianhai is imperative to China's financial reform and to the strengthening of collaboration between Hong Kong and Shenzhen. Standard Chartered greatly values the ample potential and business opportunities brought by Qianhai and will continue to support the development in the area,” Rons Fong, CEO of South China and general manager for Shenzhen, Standard Chartered China, said in a statement.

Qianhai covers an area of 14.9 square kilometers. It will cater to companies in finance, information service, modern logistics and technology.

The infrastructure will be completed by 2015.

Its output is expected to reach 150 billion yuan ($24 billion) in 2020.