Standard Chartered has announced its strategy to increase business growth, with targets to acquire US$200 billion in net new money (NNM) over the next five years. The strategy was announced at the bank’s Affluent Investor Seminar on Dec 3.
The bank’s strategy includes double-digit growth in Wealth Solutions income.
According to Standard Chartered, the bank’s assets under management (AUM) have outpaced the growth of the top 20 banks on average over the past two years. The bank has also achieved a faster acquisition rate in the first nine months of 2024.
Judy Hsu, CEO of wealth and retail banking, says: “As we continue to focus on our competitive strengths, a significant portion of our investment will enhance those capabilities that support our clients’ international banking needs, including a 50% expansion of our relationship manager team by 2028.”
The bank’s seminar also outlined its plans to enhance Standard Chartered’s wealth capabilities through product innovation and digital client journeys, improved brand positioning as a leading wealth manager, and branch upgrades tailored to the needs of high-value-clients.
To meet the needs of affluent clients, the bank comprises four global wealth hubs in Hong Kong, Singapore, the UAE and Jersey.
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Currently, the bank adds that it is focused on serving global chinese and global indian clients through its multilingual relationship managers and specialists, which provide tailored cross-border wealth solutions.
Raymond Ang, global head of private bank and affluent clients, adds: “Our extensive network and four wealth hubs give us a distinct advantage, positioning us to seize the vast and rapidly growing international client opportunities. We value the trust that clients place in us and will invest more to drive our offerings and client experience to the next level.”
Additionally, the bank aims to achieve double-digit wealth income growth through continued product innovation and platform enhancements, says Standard Chartered.
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The bank’s proprietary advisory platform “myWealth Advisor” currently delivers unbiased insights from its Chief Investment Office (CIO). Looking ahead, the bank is set to integrate advanced capabilities like structured products and risk analytics in 2025.
Samir Subberwal, global head of wealth solutions, deposits and mortgages, and chief client officer, says: “Our diversified suite of wealth products and disciplined wealth advisory approach empower us to meet our clients’ evolving needs. We remain committed to delivering innovative solutions to help our clients manage, protect, and grow their wealth – today and for the future.”
