U.K.-based Standard Chartered Bank has opened its first village bank, Inner Mongolia Helingeer Standard Chartered Village Bank, making it the first foreign bank to enter China's Inner Mongolia Autonomous Region.
This is also the first rural bank that Standard Chartered has opened anywhere in the world. At present, its financial strategy in China's rural areas is in three parts, including agricultural products business, third-party cooperation, and direct participation. The new bank belongs to the direct participation model, which enables Standard Chartered to provide financial services to local farmers directly.
Jaspal Bindra, Asia chief executive president of Standard Chartered Bank and chairman of Standard Chartered Bank (China), said that the opening of the Inner Mongolia Helingeer Standard Chartered Village Bank showed Standard Chartered's commitment to China's economic development. Through this rural bank, the company expects to provide financial services needed by people who are engaged in agriculture and animal husbandry, and also to companies involved in farming or rural activities.