Standard Chartered focuses on wealth management in Middle East

With ever increasing financial commitments including children's education costs and retirement costs among others, planning for the future is something everyone should be paying attention to.

It is with this objective that Standard Chartered Bank has developed its wealth management expertise. Mike DeNoma, Group Executive Director with responsibility for the Bank's Consumer Banking business worldwide, noted during his visit to Dubai on 8 and 9 September that the Bank's historical presence in the Asian and Middle Eastern markets has given it a unique perspective on the changing lifestyle of consumers. This understanding has given the Bank the ability to be the right partner for its customers by giving them flexibility to choose the right products for their future needs.

"We all have to take care of our futures now," says Mr. DeNoma. "Whether you have kids waiting to go to college, mortgages to pay, or even if you just want to make sure you are going to be comfortable in your old age, everyone should think about how to make their money work as hard as possible for the best returns."

As a segment of the banking industry, wealth management covers a range of products from basic deposit accounts to sophisticated investment funds and Bancassurance (insurance products distributed by banks). The risks also vary across the products. Standard Chartered's core investment products focus on separating funds by risk category, allowing customers to choose how much risk they can accept, and invest in funds matching that level of risk. The Bank represents over 300 investment funds from some of the world's leading fund houses.

"It's important to us that our customers know exactly what they need, and can find the products to match their specific requirements," added Subroto Som, Regional Head of Consumer Banking for the Middle East and South Asia.

The Bank's wealth management expertise has made it a strong player in many Asian markets. With the growing sophistication of the market here, the Bank believes that the partnership of its Middle East products with its global experience and network will make it the right partner for Middle East consumers.

"We're definitely here to stay," states Mr. DeNoma, "This is an important region for the Bank. We've been in the Middle East for more than 80 years, and we value the relationships we have built."

Leading the way in Asia, Africa and the Middle East, and with over 50 years presence in many countries across the Middle East, the Bank has considerable experience in operating in Middle Eastern markets. Standard Chartered is one of the foremost international banks in the Middle East and South Asia. The Bank's Middle East and South Asia region has contributed over 23% of the Group's total trading profit in both 2002 and for first half in 2003. Its biggest market in the region is in the United Arab Emirates where it has the largest branch network of any international bank.