Standard Chartered Bank (China) has announced that it has become the first overseas bank to obtain a foreign custody services license in China, marking a further move by the Beijing government to open up China's capital markets. The Hong Kong based bank, which is one of the largest banks in Asia, said on Tuesday that its China subsidiary had received approval from Chinese regulators for providing custodial and investment management services.
Standard Chartered Bank (China) has announced that it has become the first overseas bank to obtain a foreign custody services license in China, marking a further move by the Beijing government to open up China's capital markets. China's equity and bond markets are now around $20tn, making it the third largest worldwide, said Standard Chartered in the statement.