Singapore, Hong Kong to make up half of StanChart’s affluent business in ‘ambitious’ expansion plans

SINGAPORE and Hong Kong will continue to make up half of Standard Chartered’s affluent business, as the bank embarks on “ambitious” plans to expand the franchise, said Judy Hsu, chief executive of wealth and retail banking at StanChart.

Singapore currently accounts for around 20 per cent of the affluent business, while Hong Kong contributes around 30 per cent. The growth of the two markets will likely remain in proportion, given the size of the respective markets, Hsu said in a media call on Wednesday (Dec 4).

StanChart said in an investor briefing on Tuesday that it will target US$200 billion in new assets, and double-digit income growth in its wealth business over the next five years. This builds on an earlier announcement, where the bank said it would cut back on its mass retail business in some markets, so that it can invest US$1.5 billion into its affluent business.