The bank will hire new staff on the mainland to strengthen its investment banking activities.
Stanchart expects to launch its new investment banking (IB) unit in Beijing as early as the end of 2023 and it is now in the process of hiring around 100 new staff in China while it waits for clearance from local regulators.
«We are actively hiring people now and intend to have close to 100 staff on day one,» said John Tan, Stanchart’s Asia head of financial markets and chairman for China investment banking unit as cited by Reuters.
He did not mention Stanchart’s budget for the hiring. However, the plan is in line with Chinese regulatory requirements for an IB to have no less than 10 qualified professionals to start operations.
IB Unit Focus
Following the launch plan, Stanchart’s IB unit in China will focus on helping local companies to raise capital through exchange-traded fixed-income issuance.
The demand for China fixed income will prompt offshore investors in coming years to add and diversify exposure from predominately government bonds, Tan said.
«Global investors have become more cautious in investing in China fixed income due to the volatilities seen over the last two years, particularly on the turmoil in real estate markets,» he added.
