STANDARD Chartered Bank China has gained onshore mutual fund distribution license granted by China Security Regulatory Commission to expand its wealth management offering.

The British bank joins foreign rivals including HSBC, Bank of East Asia, Citibank, and DBS Bank, which have also gained the regulatory go-ahead from the top securities regulator.

"This marks a milestone for us," the bank said. "It enriches our investment product portfolio and enables us to offer more diversified asset allocation solutions for our customers."

The bank is in the final stage to close deals with a list of top 10 mutual fund management companies in China, and plans to launch the products as early as mid July.