Standard Chartered launches Private Bank in the Middle East

The Bank is extending its commitment to serve the growing demand for more specialised products and services for high net worth individuals (HNWI) with US$1million - US$50million in assets.

In addition to Dubai and Singapore, by the end of June, The Standard Chartered Private Bank will operate in 10 markets including - Hong Kong, Shanghai, Beijing, Seoul, Mumbai, New Delhi, London and Jersey.

Peter Flavel, Global Head of The Standard Chartered Private Bank, said:

"The Private Banking market in our footprint is large and growing very fast. It is also a fragmented business providing good opportunities for a bank such as Standard Chartered. Eighty percent of the wealth is onshore, playing to our network strength.

"We are an international bank with a strong local approach and offer both offshore and onshore banking. The Bank has a long history of committed service to the region and we cherish the longstanding relationships we have. Our clients will experience innovative products and services with this new launch and continue to enjoy the high levels of service we have been providing."

Globally, there are almost nine million HNWI and nearly 30 percent are in Asia and Middle East, with growth of this segment outpacing traditional markets of North America and Europe.

The Standard Chartered Private Bank will focus on the Bank's natural strengths in the business entrepreneur and senior executive HNWI segments.

Shayne Nelson, Regional Chief Executive Officer of Standard Chartered for the Middle East and North Africa region, said:

"The Standard Chartered Private Bank will be an extension of our existing business - integrating with the commercial bank, tapping on the existing Wholesale Banking, SME and HNW customer base."

The Bank takes a true open architecture approach to product delivery through 14 global agreements with major asset management houses, and more than 50 provider arrangements in the local markets, ensuring clients receive a wide and unbiased range of financial solutions to meet individual needs.

Osama Al Ghoussein, Managing Director and Regional Head of The Standard Chartered Private Bank, Middle East, said:

"We are pleased to extend our wealth management and credit leverage services further into the HNWI market with the global launch of The Standard Chartered Private Bank. The Private Bank is built around our deep home market knowledge of the Middle East, Africa and Asia as well as international banking expertise."

"Our open architecture 'manage the manager' investment style is tailored to each client's individual local needs. Additionally, we are an integral and complementary part of the Bank, and deliberately not a separate monoline business."