Standard Chartered is seeking to double the size of its affluent banking business with plans to hire or promote 3,000 relationship managers and wealth specialists.
Standard Chartered will look to expand its affluent banking business – a segment defined by clients with $100,000 to $125,000 to invest – according to an «SCMP» report.
The British lender has plans to hire or promote 3,000 relationship managers and wealth specialists for the unit over the next five years.
Wealth Continuum
According to Standard Chartered's Asia head of consumer, private and business banking segment Samir Subberwal, the bank has an edge through its diversified client base.
«There are certain banks that are just true-blue private banks, who operate in $20 to $25 million [segment]. They are trying to come down in their value chain in some ways,» Subberwal said.
«We are a big retail bank with a big footprint in our markets. We participate in all segments from mass market to mass affluent to affluent to ultra-high net worth. It gives us the advantage of a continuum of customers as we are acquiring customers at various life stages.»
GBA Opportunities
In addition to affluent banking, Subberwal also highlighted opportunities from the Greater Bay Area including the Wealth Management Connect scheme – a cross-border product channel between Hong Kong and mainland China – which he believes to open access to as many as one million new customers in the immediate term.
The bank has a product suite lined up and plans to engage in partnership for a more cost-effective mass market strategy.
Earlier this year, the bank announced plans to hire about 400 staff in Hong Kong this year for the expansion of its retail banking and wealth management business.
