Standard Chartered (StanChart) plans to add $200 billion in new wealth assets and achieve double-digit income growth in its wealth division over five years, focusing on affluent Chinese and Indian clients with offshore and cross-border needs.
The Asia-focused bank reported a 40% rise in assets under management from wealthy Chinese clients and 20% from Indian clients in the past year. It aims to capitalize on shifts like the “China plus one” strategy, driven by U.S. trade policies under President-elect Trump, as Chinese firms diversify operations outside China.
StanChart will increase its relationship manager workforce by 50% by 2028, invest in technology, and enhance branches in key markets, including India, China, Malaysia, and Taiwan. The bank’s strategy aligns with rivals like HSBC, which have scaled back retail banking to focus on affluent customers.
The bank is also considering selling retail operations in Botswana, Uganda, and Zambia as it reallocates resources to its wealth unit.
