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StanChart focuses on India, China in new wealth assets push
Mint Mumbai
|December 05, 2024
Standard Chartered (StanChart) will target $200 billion in new assets and double-digit growth in income from its wealth business over the next five years, as part of its wider strategy to shift to higher-fee-earning businesses.
The Asia-focused bank wants to expand in serving wealthy Chinese and Indian clients who have assets offshore or cross-border needs, the bank's wealth and retail banking CEO Judy Hsu told reporters on Wednesday.
StanChart's assets under management sourced from wealthy Chinese and Indians with global needs rose by about 40% and 20%, respectively, in the 12 months ending September, its data shows.
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