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Standard Chartered Bank on Tuesday launched a specialised branch in Mumbai to cater to affluent and high net worth individuals as the bank shifts focus towards this segment to expand in India. The bank estimates 750,000 affluent Indians who could be targeted through this venture.
The bank categories wealthy clients starting with emerging affluent at Rs 15 lakhs, priority banking above Rs 30 lakhs and the most wealthy private banking clients at $1 million plus. Standard Chartered is planning to focus on the top six cities in India initially and then expand to ten more cities with its new venture.
The focus on the wealthy comes after the bank sold all of its personal loan worth Rs 4,100 crore to Kotak Mahindra Bank last week, exiting that business after more than two decades. Aditya Mandloi, managing director, wealth and retail banking, India & South Asia, said the sale of personal loans was a conscious decision by the bank as it shifts focus to the wealthy which compliments its international banking offerings.
“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.
The bank will inaugurate its second such branch in Chennai on November 11, followed by branches in other state capitals like Chandigarh, Ahmedabad, Jaipur and also Indore, Bhopal and Kochi.
These branches will be managed by 810 relationship managers which is expected to increase to 950 by the end of 2025. Employees in the wealth management segment will also be increased by 30%, bank officials said.
The bank categories wealthy clients starting with emerging affluent at Rs 15 lakhs, priority banking above Rs 30 lakhs and the most wealthy private banking clients at $1 million plus. Standard Chartered is planning to focus on the top six cities in India initially and then expand to ten more cities with its new venture.
The focus on the wealthy comes after the bank sold all of its personal loan worth Rs 4,100 crore to Kotak Mahindra Bank last week, exiting that business after more than two decades. Aditya Mandloi, managing director, wealth and retail banking, India & South Asia, said the sale of personal loans was a conscious decision by the bank as it shifts focus to the wealthy which compliments its international banking offerings.
“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.
The bank will inaugurate its second such branch in Chennai on November 11, followed by branches in other state capitals like Chandigarh, Ahmedabad, Jaipur and also Indore, Bhopal and Kochi.
These branches will be managed by 810 relationship managers which is expected to increase to 950 by the end of 2025. Employees in the wealth management segment will also be increased by 30%, bank officials said.
