stancharts-global-private-banking-head-discusses-strategy

StanChart's global private banking head discusses strategy

Standard Chartered officially entered the private banking market yesterday. Its global head of private banking, Peter Flavel, explains why the bank feels it will be successful.
Standard Chartered has not really been in private banking. Why was that, and why now the decision to launch a private bank
The wealth management business in Standard Chartered is very strong. Last year it had revenues just shy of $2 billion and grew 34% year-on-year. So the business is growing very strongly. And our clients are asking for a further degree of sophistication, as we push towards the high net worth individuals with between $1 million to $50 million. There are three million individuals in Asia and the Middle East with over $1 million of investable assets and this segment is growing faster in these markets than in Europe or the US. The...
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