Standard Chartered is planning to tap rising demand for wealth management products in Southeast Asia to bolster growth, the bank’s CEO Peter Sands said in an interview, referring to the 10-member Association of Southeast Asian Nations.
Standard Chartered is "very positive about Asean as a whole," Sands told Bloomberg.
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"You have so many people across the region who are getting to a level of income and wealth where wealth-management products become much more relevant to them," Sands added.
The London-based bank, which generates more than three quarters of operating profit in Asia, posted income growth of 13% in Indonesia and 18% in Malaysia last year.
According to a Asian Development Bank report, the number of millionaires in Southeast Asia is expanding faster than in the developed world, boosting demand for financial services. The region’s economy, home to more than 550 million people, may expand 5.4% this year and 5.7% in 2014.
"Generally speaking wealth management is going to be a very significant opportunity," Sands was quoted as saying by Bloomberg.
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