What’s news: Standard Chartered PLC has created a new position that will oversee business in China’s Guangdong-Hong Kong-Macao Greater Bay Area (GBA) in order to “capture the significant opportunities” in the region, according to a Monday statement by the international banking group.
The bank’s veteran Anthony Lin will assume the role as CEO of its GBA business. He is currently CEO of Standard Chartered’s Taiwan branch.
What’s the background: In recent years, China has been making efforts to grow the GBA into a financial and technological powerhouse to rival those that have sprung up around New York, San Francisco and Tokyo.
In July, the Hong Kong-listed bank announced (link in Chinese) a plan to set up its GBA headquarters in Guangzhou, a major city in the area, recruit more than 1,600 staff by the end of 2023, and make a total investment of $40 million.
“The appointment of the CEO of GBA reflects our long-term commitment in the Greater Bay Area, where financial and economic activity growth is creating greater demand for cross-boundary services due to favourable policies,” Benjamin Hung, the bank’s regional CEO of Greater China & North Asia, said in the statement.
Related: In Depth: China’s Great Ambition in Greater Bay Area
Contact reporter Guo Yingzhe (yingzheguo@caixin.com) and editor Marcus Ryder (marcusryder@caixin.com)
