Standard Chartered plans growth in international banking services
Standard Chartered aims to significantly expand its international banking business, targeting annual double-digit growth in its affluent client base over the next three years.
James Lye, the global head of this division, noted a shift in client needs, with many now seeking international financial products. To meet this demand, Standard Chartered plans to bolster its cross-border services, focusing on international mortgages, global accounts and global links, and investing in its team.
Currently, the bank operates four international wealth hubs located in Jersey, the UAE, Singapore and Hong Kong, supported by over 450 relationship managers from more than 20 countries.
Another strategy to boost business involves creating a central log to acknowledge the contributions of all team members who assist international clients. This encourages a collaborative approach among relationship managers, enhancing client service across the bank’s network.
Standard Chartered’s rich history in various cities is a major differentiator, according to Lye. The bank has been in Singapore for around 165 years and has operated in countries like India, Kenya and Bahrain for over a century. This deep-rooted presence and longstanding relationships with clients across generations are difficult to replicate, giving the bank a competitive edge.
The account threshold for international clients will align with the bank’s consumer banking standards, starting from its priority banking deposit account, which requires a minimum of $200,000 in fresh funds.
In the bank’s 4QFY2023 and FY2023 earnings report, group chief executive Bill Winters highlighted the goal to grow the international client base to over 375,000 by 2026, up from 274,000 as of February 23, 2023.
A study commissioned by the bank in 4Q2023 revealed that 20% of 17,020 consumers interviewed held cross-border banking products. Additionally, 70% of these consumers, spanning nine of the bank’s markets, needed to send money overseas, with the highest transaction volumes in the UAE, Indonesia, Malaysia and Singapore.
