Standard Chartered sets new wealth asset target

Affluent clients: A woman takes a selfie with the Hong Kong skyline in the background. Standard Chartered sees good growth opportunities as clients look to move businesses out of China in light of tariffs threatened by US president-elect Donald Trump. — AFP

HONG KONG: Standard Chartered (StanChart) will target US$200bil in new assets and double-digit growth in income from its wealth business over the next five years, as part of its wider strategy to shift to higher fee-earning businesses.

The Asia-focussed bank wants to expand in serving wealthy Chinese and Indian clients who have assets offshore or cross-border needs, the bank’s Wealth and Retail Banking chief executive officer Judy Hsu told reporters yesterday.