Standard Chartered to add 1,600 staff at new bank center in China

Bloomberg

Standard Chartered Plc plans to add more than 1,600 staff over the next three years at a new center in southern China as the nation aims to transform the coastal region near Hong Kong into a high-tech hub to rival California’s
Silicon Valley.
The London-based bank is investing $40 million in the Standard Chartered Greater Bay Area Centre in Guangzhou, according to an emailed statement on Monday. The workers will include new hires and internal transfers to the center, which opens this quarter, the bank said.
“The Greater Bay Area is a core area of focus for Standard Chartered, and we’re using our talent, technology and deep client knowledge to develop innovative new products and services to support the GBA initiative,” Chief Executive Officer Bill Winters said in the statement.
Standard Chartered is among the first banks to outline their plans for the Greater Bay Area. China unveiled a sweeping plan in May to facilitate cross-border transactions and investments between Hong Kong, Macau and cities in southern China including Shenzhen. Greater China and North Asia accounted for about 40% of Standard Chartered’s revenue last year.
Last month, Chinese regulators announced a long-anticipated program called Wealth Management Connect, which will allow residents in the cities to invest across the border.