British multinational bank Standard Chartered has signalled its commitment to establishing a presence in the Greater Bay Area of Guangdong, Hong Kong and Macau with the development of new regional headquarters.
Standard Chartered recently announced that the first phase of construction of its Standard Chartered Greater Bay Area Centre reached completion at the end of July.
The Centre is situated in the Tianhe district of the Guangdong province capital of Guangzhou, and involves total investment of USD$40 million.
Standard Chartered plans to complete construction of the Centre in the first half of 2022, and allocate over 1600 staff to the complex by the end of 2023.
“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,” said Bill Winters, Chief Executive Officer, Standard Chartered PLC.
“The launch of our new Greater Bay Area Centre is a shining example of us bringing together our strength and expertise in the Belt & Road initiative, RMB internationalisation and wealth management, to provide seamless cross-boundary banking services for individuals and corporate clients in the region.”
Benjaming Hung, Regional Chief Executive Officer, Greater China and North Asia, Standard Chartered, highlighted the role of the Greater Bay Area as a testing ground for cross-border financing and capital flows for China.
“The Opinions on Providing Financial Support for the Development of Guangdong-Hong Kong-Macao Greater Bay Area and the framework of the cross-boundary wealth management connect pilot scheme announced earlier will enhance the cross-boundary connectivity in the region and push forward the opening up and innovation of the financial industry,” he said.
“They will also deepen the financial cooperation among mainland China, Hong Kong and Macao and enhance our confidence in the financial and economic outlook of the Greater Bay Area.
“Along with the development of the Greater Bay Area, the flow of people, goods and capital among the cities in Guangdong, Hong Kong, Macao and the rest of the world will be further strengthened, which will jointly build an international financial hub in the region and form a regional financial ecosystem.”