Standard Chartered Sands:1H China Business More Than Doubled

HONG KONG (Dow Jones)-- Standard Chartered PLC (STAN.LN) Group Chief ExecutivePeter Sands said Tuesday that "income" from the company's mainland Chinabusiness more than doubled in the first half of the year.

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He didn't provide any details, however.

Standard Chartered was in the first batch of foreign banks approved earlierthis year to operate a locally incorporated unit in mainland China, aprerequisite for offering retail banking services in the Chinese currency, theyuan.

Sands said the U.K.-based lender plans to expand its branch network inmainland China to 40 by the end of the year from 30 outlets in 15 cities now.

It also plans to increase the number of staff in its mainland China operationsto more than 3,500 by the end of this year, from 2,100 at the beginning of 2007,it said.

-By Charis Yau and Amy Or, Dow Jones Newswires; 852-2832 2335; amy.or@dowjones.com

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(END) Dow Jones Newswires 08-07-07 0440ET Copyright (c) 2007 Dow Jones & Company, Inc.


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