StanChart keen to tap surging personal wealth in China
Personal 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.

Personal wealth is growing on the back of China’s breakneck economic growth, and Shanghai Pudong Development Bank is gearing up by doubling its outlets to meet rising demand for wealth management services, the bank’s president told the China Century Summit.
JPMorgan’s China asset management venture is considering raising $1 billion-$2 billion for its first overseas investment fund — a product key for the firm to diversify its business risks, the venture’s Chief Executive Mandy Wang said at the China Century Summit.
The Chinese party, with a small p, is just getting going. That is the stock market view from Yang Liu, the high-profile fund manager and chairwoman of Atlantis Investment Management, which manages $4 billion of Chinese assets. Buoyed by steep earnings growth and an appreciating yuan currency, the China Enterprises index of H shares, or Hong Kong-listed shares in mainland companies, should “challenge the 20,000″ point level next year — that’s a 37 percent jump. And the Shanghai Composite Index, which has doubled in value this year, will rise at least another 10 percent over the next four months, she believes. For her view on the market, including the sectors to buy, click
Chinese clients are eager to expand outside the world’s fastest-growing major economy and Ernst & Young is planning a near four-fold jump in its China staff over the next decade to meet that demand, said Chief Executive James Turley.
German industrial conglomerate ThyssenKrupp expects to maintain its average annual sales growth rate of roughly 10 percent in China over the next three to five years, its China chief said at the Reuters China Century Summit.
Buyout firm MBK Partners sees ample investment opportunities in domestically focused Chinese consumer and industrial firms as the world’s fourth-biggest economy gets richer, Kuo-Chuan Kung, MBK Partners’ head for Greater China, said at the Reuters China Century Summit.
Starbucks Corp, the world’s biggest coffee-shop chain, plans to source coffee from China for the first time as it expands in a country with more than 5,000 years of tea-drinking culture, its country head said at the Reuters China Century Summit.