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Standard Chartered Bank (Stanchart) hopes to cash in on the "huge business opportunities" offered by the mainland's booming economy, the bank's newly appointed group chief executive, Peter Sands, said yesterday.

"Our revenue from the mainland rose 80 per cent in the first half... we would like to sustain this growth momentum," he said. But he didn't rule out the possibility of expanding the bank's mainland business through acquisitions and joint ventures.

"We, however, have a series of strict assessment criteria to follow... we will see whether our partners are financially strong enough to contribute a good EPS (earnings per share) and good return to our shareholders," Sands said.

The bank already has 20 offices in 14 mainland cities and is planning to open two sub-branches by the end of 2006. The bank had earlier announced its decision to "double the number of our offices (on the mainland) in the next 18 months".

Stanchart's move is in line with many economists' prediction that foreign banks would quicken the pace of their expansion on the mainland to cash in on the opening up of the banking sector from December 11.

The bank has already applied to the China Banking Regulatory Commission, seeking permission to set up a mainland-registered subsidiary to conduct yuan business for individuals.

On his first visit to Hong Kong as the group's new chief executive, Sands said "organic growth" would continue to be the major driver for Standard Chartered's future development.

"Two thirds of the bank's growth has been driven by its own organic growth, not by acquisitions... we have no intention to change that," Sands said.

"Acquisition works as a complement of our development plan... unless we are very much convinced that an acquisition can deliver really good return to our shareholders, we will not take it as an ideal option for future development."

Sands iterated that Hong Kong would remain a "strategically important" market for Stanchart.

"Hong Kong is our spiritual home in many ways... it will remain a key market for our bank and one of our main drivers of success," Sands said, hoping to retain maintain 20 per cent returns on equity during his tenure.