Following two years of restructuring and losses, Standard Chartered reported improved figures in its half year report. The private banking unit however is still work in progress.
As has been the case with other global banks, Asian wealth buttressed the revenue and new assets for Standard Chartered Private Bank.
The private bank accrued $600 million in net new money (NNM) inflows globally in the six months through June. The vast majority being driven by the Hong Kong and Indian operations.
Total private banking assets under management increased by $4.7 billion, or 9 percent, over the same period to $59 billion.
Upgrading People and Systems
The bank said in its report that the new management team in private banking is making strategic investments in people and systems which will enable the institution to fulfil its franchise potential.
Standard Chartered has substantially upgraded its team of relationship managers which was reflected in higher operating expenses, up 16 percent year-on-year, driven by the hiring of senior private bankers and investment in technology infrastructure.
«We have set the foundations for growth and are now executing at pace,» said Bill Winters, chief executive Standard Chartered.
