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September 6th, 2007

StanChart keen to tap surging personal wealth in China

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Posted by: Sophie Taylor
Tags: China Century, Summit

stanchart.jpgPersonal wealth is soaring in China, and Standard Chartered is hoping to bring out credit cards and boost its private banking operations to tap that growth, Christine Ip, head of consumer banking, said at the Reuters China Century Summit.

Less than 1 percent of China’s population has credit cards, and more than half of those accounts are inactive, according to McKinsey & Co. Credit card profits in China could hit $1.6 billion by 2013, McKinsey said.

 

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