In anticipation of the growth of international banking clients, Standard Chartered will look to double the number of relationship managers it houses over the next four years.
With an existing affluent segment business (priority) and a high and ultra-high net worth segment business, Standard Chartered decided several years ago to pursue the mid-tier client segment, akin to major competitors like HSBC Jade, Citigold Private Client, and DBS Treasures Private Client.
According to a release, the bank subsequently launched its «priority private client» segment in March 2018 which has since seen the client base more than double.
Unsurprisingly, the segment also exhibits global tendencies and currently makes up about one-third of Standard Chartered’s international banking clients.
In fact, international banking now makes huge contributions to the retail business, according to Standard Chartered’s retail banking head Dwaipayan Sadhu, which subsequently led to more investments not only in talent but a newly launched wealth center based in Singapore.
Located in Ngee Ann City, the first-ever flagship center will focus on international banking and priority private clients. Standard Chartered’s priority private clients, defined as those with S$1.5 million ($1.1 million) or above in assets under management with the bank, will have access to an extended range of investment opportunities, preferential pricing, and an experienced relationship management team.
International banking services include foreign investments, multi-currency payments or funding of child education. Sadhu noted that over 20 percent of its affluent clients are from around the world and the center could act as an oasis for them to catch up on their financial needs whenever they are in town.
