The first Standard Chartered flagship International Banking and Priority Private centre is open.
The inaugural Standard Chartered flagship store is located at Ngee Ann City Singapore.
The flagship store capitalises on Singapore’s position as the most competitive economy and one of the best cities for business.
Standard Chartered’s Priority Private is the bank’s segment designed for high-net-worth clients with a minimum of S$1.5m assets under management. Moreover, Priority Private clients enjoy bespoke tailored solutions and wealth privileges.
Examples include an extended range of investment opportunities, preferential pricing, and exclusive access to an experienced relationship management team. This is traditionally only available in the private banking space.
The bank also offers International Banking services to Priority Private clients. For example, clients may require global banking and wealth management solutions outside of their current market of residence.
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Standard Chartered flagship store: an oasis for priority clients
This includes investing in overseas markets, making multi-currency payments or funding the education of their children. About one in three Priority Private clients are International Banking clients.
Since the Bank started its Priority Private offering to clients in March 2018, client numbers have more than doubled.
Asia is expected to experience the fastest millionaire population growth at 10.1% in the next five years. Moreover, Asian cross-border assets under management will continue to increase at a growth factor of 1.5 by 2030.
As a result, Standard Chartered plans to double its relationship managers over the next four years.
Dwaipayan Sadhu, head of retail banking Singapore, says: “International Banking is a huge contributor to the Bank’s retail business. Over 20% of our affluent clients are from around the world. This branch provides an oasis for them to catch up on their financial needs whenever they are in town.
The first Standard Chartered flagship store is located in Singapore’s prime shopping district on Orchard Road.
The branch facilitates private conversations in an exclusive lounge. Meeting rooms are also accessible for family members of clients to relax, while clients meet with their relationship managers.