Banking group Standard Chartered is aiming to hire or promote 3,000 relationship managers and wealth specialists in Asia over the next five years, according to the South China Morning Post.
It is seeking to double the size of its business serving affluent clients in the region.
This comes after HSBC and Citigroup announced plans that they want to grow their respective wealth operations in the region.
According to the SCMP, the London-based bank is putting a significant focus on affluent clients in Asia – customers with around $100,000 (£71,537, €83,669) to invest.
‘Sweet space’
Samir Subberwal, Standard Chartered head of consumer, private and business banking segment in Asia, said to the SCMP that the “emerging affluent” represents a “sweet space” for the bank.
He added: “There are certain banks that are just true-blue private banks, who operate in $20 to $25m [segment]. They are trying to come down in their value chain in some ways.
“We are a big retail bank with a big footprint in our markets. We participate in all segments from mass market to mass affluent to affluent to ultra-high net worth. It gives us the advantage of a continuum of customers as we are acquiring customers at various life stages.”
As part of its greater focus on the affluent segment, Standard Chartered recently introduced My RM in Hong Kong, Singapore and UAE, allowing clients to interact with their relationship managers electronically and expects to roll it out elsewhere soon.
