Standard Chartered (StanChart) aims to grow its wealth business by $200 billion and achieve double-digit income growth over the next five years. The bank is focusing on serving wealthy Chinese and Indian clients who have global needs and are looking for alternative investment options. StanChart has seen a 40% increase in assets from wealthy Chinese clients and a 20% increase from wealthy Indian clients in the past year. The bank is expanding its team of relationship managers, upgrading branches, and investing in technology to attract new clients. StanChart is also reviewing its retail banking business and may exit or scale down its consumer offerings such as credit cards and small loans. The bank is following a similar strategy to rival HSBC, which has been shifting its focus to wealth management and investing in the mass affluent segment. StanChart’s new strategy will help the bank achieve its goal of creating a more efficient and sustainable business model. With the potential for more tariffs from the US, StanChart sees opportunities for growth in China+1 strategy, where Chinese firms shift manufacturing to other countries to avoid US trade barriers.
Standard Chartered aims to manage $200 billion in new wealth assets, with a focus on China and India’s high-net-worth individuals.
by newsworm | Dec 4, 2024 | Banking, Standard Chartered