Standard Chartered Bank on Tuesday announced the opening of its first international banking centre for global Indians in Mumbai. The new centre aims to serve affluent and high-net-worth individuals, helping them manage their wealth and banking needs worldwide.
With a strong network of wealth management centres in Hong Kong, Singapore, Jersey, and the United Arab Emirates (UAE), both residents and non-resident Indians will enjoy seamless access to services. This provides the bank with a competitive edge over similar offerings from domestic private banks, said Rajesh Kannan, managing director, head of global Indian, and head of wealth and retail banking UAE at Standard Chartered Bank.
Addressing a press conference, Kannan said: “We want to build solutions that actually link the corridors together. For instance, what we have done in Singapore can easily be replicated in the UAE, and a client can use his wealth seamlessly between the two places. So, that’s the way we want to bring the differentiation to the proposition.”
The bank estimates that there are 750,000 affluent Indians who could be targeted through this venture. It categorises wealthy clients into three segments: emerging affluent starting at Rs 15 lakh, priority banking for those above Rs 30 lakh, and private banking for the most affluent clients with assets of $1 million or more. The over-century-old bank has plans to initially focus on the top six cities in India, with plans to expand to ten additional cities. The second branch is set to open in Chennai on November 11, followed by branches in other state capitals like Chandigarh, Ahmedabad, and Jaipur, as well as in Indore, Bhopal, and Kochi.
These branches will be managed by 810 relationship managers, with the number expected to increase to 950 by the end of 2025. Additionally, the bank plans to boost the number of employees in the wealth management segment by 30%, according to bank officials.
The bank’s shift toward high-net-worth and affluent individuals came after it sold its entire personal loan portfolio, valued at Rs 4,100 crore, to Kotak Mahindra Bank. Aditya Mandloi, managing director of wealth and retail banking, India & South Asia, said that the sale of the personal loans was a strategic decision as the bank pivoted its focus to affluent clients, aligning with its international banking offerings. Moving forward, the bank plans to double down on the affluent segment, small and medium enterprises, and wealth management.
“Affluent customers are increasingly more global in their outlook, as their wealth and finance are growing rapidly and even more Indians are looking to establish their businesses abroad,” Mandloi said.
