Standard Chartered Bank, PCCW, HKT and Ctrip Finance formed a joint venture.

Standard Chartered Bank, a British multinational banking and financial services company, PCCW, a Hong Kong-based information and communications technology company, HKT, a Hong Kong-based provider of telecommunication services, and Ctrip Finance, a Chinese provider of travel services, formed a joint venture. Financial terms were not disclosed. Standard Chartered holds 65.1% in the joint venture, while PCCW, HKT and Ctrip Finance hold 10.0%, 15.0% and 9.9% respectively. “As the oldest note-issuing bank in Hong Kong, Standard Chartered has been serving the community for 160 years. Today, we are delighted to be among the first to receive a virtual bank license from the HKMA and we are excited to partner with PCCW, HKT and Ctrip Finance. The strengths of our partners combined with our own rich banking expertise mean that we are in a strong position to provide diverse financial solutions to redefine the banking experience for customers in Hong Kong,” Mary Huen, Standard Chartered CEO.