"China is a core pillar market for us and China will be the biggest contributor to us for the long term, " said Jaspal Bindra, Asian chief executive officer of British bank Standard Chartered.
The 150-year-old Standard Chartered has remained on a growth path through the entire crisis largely because its majority business is based in Asia, especially China, Bindra told Xinhua in an exclusive interview on the sidelines of the annual meeting of the World Economic Forum in Davos, Switzerland.
|"China is a core pillar market for us and China will be the biggest contributor to us for the long term, " said Jaspal Bindra, Asian chief executive officer of British bank Standard Chartered. [WEF]|
What this financial crisis has created is the market in the most populous spots in the world, he said.
"What we do realize is that there is going to be an increased focus on Asia because the rest of the world is slowing down while emerging markets are growing quickly," he said. "Asia is a key part of the bank and we don't shy away from making huge investments in China. For countries like China and India, we have no cap on investments."
Now the bank is one of the first three foreign banks with a license to do underwriting of bonds in the Chinese market. From his standpoint of view, China's ambition of making Shanghai a big financial center in the world and making RMB (yuan) as the global reserve currency is helpful for foreign banks to expand its business in the country.
For this end, China will liberalize its capital market at a reasonably fast pace, said Bindra.