Standard Chartered Private Bank will double its relationship managers in India to 100 by 2012 and has opened a private banking office in New Delhi’s Connaught Place.
The private bank plans to open offices in Chandigarh and Hyderabad later in the year, taking its total number of wealth management outlets to seven. Its other offices are in Mumbai, Kolkatta, Chennai and Bangalore. The expansion comes after rapid growth in StanChart’s Indian wealth arm, which has seen assets under management increase from $100 million in 2007 to $1.5 billion by mid-2009.
“Our private banking business in India is growing strongly and we are looking to double the size of our business in India over the next two to three years,” said Standard Chartered Private Bank CEO Peter Flavel.
“With this dedicated new centre in Delhi, we are setting a new standard for private client facilities and our new offices in Chandigarh and Hyderabad will help us to extend our offering to new clients in those cities,” he added.