StanChart signs MoU with Suzhou Govt to promote investment

Standard Chartered Bank (China) Limited and Standard Chartered Bank, India (collectively “Standard Chartered Bank”) today signed a Memorandum of Understanding (“MOU”) with the Suzhou Bureau of Foreign Trade and Economic Cooperation (“SBFTEC”) in Bangalore, formalising a strategic collaboration to promote sustainable economic development and greater investment flows between China and India.

According to the MOU, Standard Chartered Bank and SBFTEC will act as advisors for corporates from both Suzhou and India to explore cross-border businesses and grow the volume of bilateral trade. This helps investors by removing the ambiguity of operating in a foreign investment environment, and providing the right interpretation for local policies, laws and regulations to build the momentum for rapid growth.

Leveraging on its cross-border capabilities and deep local knowledge in both India and China, Standard Chartered Bank will provide a full range of transaction banking and global markets product suites, including Cash Management Services, Trade & Supply Chain Financing Solutions, Funding Solutions, Securities Services, Risk Management, Asset Management, Debt Capital Markets, and Corporate Finance, for Suzhou and Indian corporates who wish to invest in the two markets.

Arup Roy, Head of Origination & Client Coverage, Standard Chartered Bank, India, said, “SCB aims to act as a catalyst in promoting trade between India & China. as both are geographies where we are present for a long time. Suzhou presents an attractive base for Indian companies doing business with China. It is ideal for its cost-effectiveness, world-class infrastructure, specialised economic and development zones, and proximity to Shanghai. Suzhou is fast developing as a base for the services sector with global giants from the software and outsourcing sector, financial services, consulting, hospitality and many other sectors, choosing the city for their offices. Standard Chartered Bank is well placed to advice Indian corporates who are considering Suzhou as a base for their business.”

Anthony Lin, Head of East China, Origination & Client Coverage, Standard Chartered Bank (China) Limited, commented,“China and India are two of the world’s fastest-growing economies. They are also two key markets within the Standard Chartered group. Standard Chartered Bank is celebrating its 150th anniversary in both countries this year. By leveraging on our global franchise and deep local knowledge, we can pave the way for both Chinese and Indian businesses who wish to tap on the China–India Trade Corridor. As an avid supporter of the Chinese government’s ‘Going Out’ policy, we share the vision of helping Chinese corporates to go global and are definitely well-positioned to provide them both local and global support.”

Standard Chartered Bank in India is the country’s largest international bank with 83 branches in 33 cities. Employing almost 19,000 people, the Bank has played a significant role in the history of the banking industry in India since opening its first branch in Kolkata in 1858.

Sourced From: Standard Chartered Bank