Thursday, Sep 16, 2021
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StanChart to grow affluent banking business, hire 3000 relationship managers

StanChart banking_IFM_Image
The lender will either hire 3,000 relationship managers for the unit over the next five years

UK-based banking giant Standard Chartered is looking to double its affluent banking business in the next five years, and in order to do so, is planning to hire or promote 3000 relationship managers, media reports said.

Standard Chartered’s Asia head of consumer, private and business banking segment Samir Subberwal told the media, “There are certain banks that are just true-blue private banks, who operate in $20 to $25 million [segment]. They are trying to come down in their value chain in some ways.

“We are a big retail bank with a big footprint in our markets. We participate in all segments from mass market to mass affluent to affluent to ultra-high net worth. It gives us the advantage of a continuum of customers as we are acquiring customers at various life stages.”

Earlier this year, it was reported that Standard Chartered plans to launch an institutional crypto brokerage and exchange for the UK and European clients. The new platform is spearheaded as a joint venture between Standard Chartered’s innovation unit SC Ventures along with the parent company of the Hong Kong-regulated crypto exchange OSL, BC Group.

The platform will be based in the UK to target the European crypto market, and the joint venture is unnamed for now and is subjected to regulatory approval. This latest company is all set to provide traders with access to bitcoin, ether, and other digital assets. The company is all set to launch in the last quarter of 2021.

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