Standard Chartered is reportedly aiming to double the size of its wealth unit in Asia as part of its plan to tap the rising affluence in the region.
The bank plans to appoint or promote 3,000 relationship managers and wealth specialists in Asia in the next five years, South China Morning Post (SCMP) has reported.
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While most of its rivals are only targeting the UHNW individuals in the region, Standard Chartered is said to put considerable focus on the ‘so-called affluent clients in Asia’ with $100,000 to $125,000 to invest.
Standard Chartered Asia head of consumer, private, and business banking segment Samir Subberwal told SCMP that market for the affluent and the ‘emerging affluent’ constitutes a ‘sweet space’ for the bank.
Subberwal noted: “There are certain banks that are just true-blue private banks, who operate in $20m to $25m segments. They are trying to come down in their value chain in some ways.
“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.”
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By GlobalDataLast year, Standard Chartered garnered $3.5bn in global income from around two million wealthy customers.
It is said to have signed up more than 400,000 new affluent customers in the 12 months that ended this March. About two-thirds of these clients are its existing mass retail customers.
As part of its deepening focus on the affluent segment, the bank is bolstering its digital capabilities, employing ‘a hybrid of digital services and traditional advice by relationship managers’.
It recently launched a new app called My RM to facilitate connectivity between its clients and relationship managers.
London-headquartered Standard Chartered operates in more than 59 markets internationally with a focus on emerging markets.
In April this year, SCMP reported that the bank is preparing to hire 400 new employees for its retail banking and wealth management businesses in Hong Kong this year.
