Wealth management will be one of the main income contributors for Standard Chartered Bank in Singapore this year, after a difficult time for the industry in 2022, said Ms Jessie Li, the bank's head of consumer, private and business banking (CPBB).
Despite the challenges, the wealth management business has been resilient and contributed to over a third of CPBB's income in 2022, Ms Li said in her first interview with The Straits Times one year after she came to the job.
CPBB serves three client segments: affluent, mass retail and business banking.
Assets under management (AUM) doubled in the past four years, while new affluent clients increased by more than 40 per cent as the bank rode on the challenges to grow its wealth business, said Ms Li.
Still, StanChart saw its wealth management income fall 19 per cent in 2022 to US$1.8 billion (S$2.4 billion), as clients stayed on the sidelines amid fears of a recession. They also turned more risk averse as an aggressive round of interest rate hikes, which saw the United States Federal Reserve raise interest rates by 425 basis points, rocked the markets.
StanChart also said in its annual report that Covid-19 restrictions in 2022 in some regions, particularly North Asia, resulted in some branches being shut down, cutting face-to-face sales.
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