Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Banking

StanChart targets $200 billion in new wealth assets over next five years
Entrance of Standard Chartered building.

Published : 6 days ago, on

By Lawrence White

LONDON (Reuters) – Standard Chartered will target $200 billion in new assets and double digit growth in income from its wealth business over the next five years, it said on Tuesday, as part of a wider strategy to shift to higher fee-earning businesses.

The statement from the bank expands on ambitions it unveiled in October to trim back its retail banking business in some markets in order to fund a $1.5 billion investment in its wealth unit, particularly targeting mass affluent customers.

The bank will also aim to increase by 50% the size of its relationship manager team by 2028, it said, as well as upgrading branches and investing in technology to win new clients.

The shift in focus from ordinary retail banking to target more affluent clients mirrors a shift at rival HSBC, which has in recent years slashed its retail presence in markets such as the U.S. and France while investing in wealth management.

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,” said Judy Hsu, CEO, Wealth and Retail Banking at Standard Chartered.

Standard Chartered said last month it is exploring a potential divestment of its wealth and retail banking operations in Botswana, Uganda and Zambia, as part of the shift in investment.

 

(This story has been corrected to remove the incorrect word ‘pound’ in paragraph 2, and to say ‘increase by 50%,’ not ‘double,’ in paragraph 3)

 

(Reporting by Lawrence White; editing by Sinead Cruise and Jason Neely)

 

Jesse Pitts has been with the Global Banking & Finance Review since 2016, serving in various capacities, including Graphic Designer, Content Publisher, and Editorial Assistant. As the sole graphic designer for the company, Jesse plays a crucial role in shaping the visual identity of Global Banking & Finance Review. Additionally, Jesse manages the publishing of content across multiple platforms, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post