Despite concerns about Hong Kong’s ability to maintain its status as an international financial center, Standard Chartered chief executive Bill Winters said that the British lender had no plans to relocate staff.

Standard Chartered CEO Bill Winters said that there are no plans to move staff in Hong Kong, adding that the bank would like to locate more senior executives and global products in the city in the future, despite recent comments about the threat of the zero-Covid policy’s impact to the city’s hub status. 

«There’s not a material impact on our business from the mobility restrictions,» Winters said in an interview with «SCMP».

«I think the bigger impact is on morale. It’s just tough for people not to be able to connect with their colleagues in different parts of the world. Of course, they’re seeing each other on Zoom or Blue Jeans or whatever, but it’s not the same.» 

Post-Pandemic Singapore

Winters said he expects that Hong Kong will undergo a similarly successful experience as Singapore, where there are no more issues about lifestyle after the city-state’s reopening. 

«It’s really interesting to me to see how people have rebalanced or re-equilibrated once things open up. You don’t hear the massive complaints about lifestyle, about separation from families in Singapore any longer because for a few months now – it’s not the easiest thing – people have been able to leave and come back. The authorities have taken concrete steps to make it easier to operate,» he explained.

«Hong Kong will have the same experience. Assuming we get out of the back end of this period of hyper restriction, zero-Covid policy before too long, I think Hong Kong will be just fine.»

Affluent Segment

Moving forward, Winters said that the bank will be increasingly focused on targeting the affluent segment alongside its commitment to double profits in China, investing $300 million in the market.

«The fastest areas of growth for us, which is where the bulk of the investment will go, is in the affluent segment,» he said. «The GBA Wealth Connect is a big step forward and has contributed to our fantastic results in China in the past year, and will continue to.»