SINGAPORE: Standard Chartered aims to expand its international banking business, as revealed by James Lye, the head of the bank’s international banking division, in a recent press interaction on June 5, as reported by The Edge Singapore.
“We plan to grow our international affluent client base by double digits annually over the next three years,” he said. To facilitate this, the bank plans to enhance its cross-border capabilities and make significant investments in its workforce.
Presently, Standard Chartered operates four primary hubs for wealth management services in Jersey, the United Arab Emirates (UAE), Singapore, and Hong Kong.
The bank is well-positioned for expansion with a team of over 450 relationship managers representing more than 20 nationalities.
Mr Lye also introduced an approach to propelling business growth: acknowledging the contributions of all bank members serving international clients.
This entails ensuring each staff member understands their strengths and how they contribute to the team’s collective success.
When asked what sets Standard Chartered apart, he highlighted the bank’s extensive history in various cities. “We are like the unknown local bank here; we’re almost like a local bank everywhere,” he said.
Standard Chartered provides a competitive edge with a history spanning over a century in countries like India, Kenya, and Bahrain and a whopping 165 years in Singapore.
Regarding what distinguishes Standard Chartered, he highlighted the bank’s extensive history in various cities. For example, its presence in Singapore spans 165 years, fostering a sense of being a local bank wherever it operates.
This long-standing relationship with clients across generations provides a competitive edge among its peers.
He added, “It’s not just offering banking [products]. We want to be relevant in the wealth management space, and having key hubs close to you is how we want to play.
It’s not a magic formula that people can’t copy, but having that presence, history and relationship with clients through generations is not so easy to duplicate.”
To become a client in the international banking division, individuals must have a minimum of S$200,000 in deposits and/or investments. This aligns with the criteria for priority banking services in the bank’s regular offerings.
In their latest financial report for the end of 2023, the bank’s CEO, Bill Winters, expressed the intention to further expand internationally. The goal is to surpass 375,000 international clients by 2026, up from the 274,000 reported in 2023. /TISG