The ratings on Standard Chartered Bank (Hong Kong) Ltd. (SCBHK) reflect its status as a core subsidiary of Standard Chartered Bank (SCB; A/Stable/A-1). As of July 1, 2004, SCBHK incorporates all the Hong Kong activities of SCB. Hong Kong remains the largest single market for the SCB group, and has a key role to play in the group's expansion in Greater China. SCBHK is therefore an important determinant of overall group creditworthiness. SCB previously operated in Hong Kong on a branch basis, but has incorporated its activities to take advantage of the growth opportunities available in the Greater China region. SCBHK combines consumer and wholesale banking activities, and has a good position in the Hong Kong banking sector. Profitability has
