Standard Chartered has set an ambitious goal to target $200 billion in new wealth assets over the next five years. This move is part of the bank’s broader strategy to shift towards higher fee-earning businesses and enhance its wealth management services.
The bank aims to achieve double-digit growth in income from its wealth business, focusing on affluent clients, particularly those from China and India. These clients often have assets offshore or require cross-border financial services, making them a key target for StanChart’s expanded offerings.
To support this growth, StanChart plans to double the size of its relationship manager team by 2028. This expansion will be accompanied by significant investments in technology and branch upgrades to attract and retain new clients. The bank’s strategy mirrors similar moves by competitors like HSBC, which has also been focusing on wealth management while scaling back its retail presence in certain markets.
StanChart’s CEO of Wealth and Retail Banking, Judy Hsu, emphasized the importance of leveraging the bank’s competitive strengths to support clients’ international banking needs. The bank is also considering divesting its wealth and retail banking operations in some African markets, such as Botswana, Uganda, and Zambia, to reallocate resources towards more lucrative opportunities.
This strategic shift highlights StanChart’s commitment to adapting to changing market dynamics and capitalizing on growth opportunities in the wealth management sector. By focusing on affluent clients and enhancing its service offerings, the bank aims to solidify its position as a leading player in the global financial landscape.
Stay tuned for more updates on StanChart’s progress and its impact on the wealth management industry.
