Standard Chartered has begun offering private banking services in Taiwan to high net worth individuals (HNWIs) with investable assets of more than $1m.
The bank, which has a 150-year history in Asia and already provides mainstream and commercial banking services in Taiwan, said the number of HNWIs in the island state was forecast to double by 2012 on the back of growing emerging market wealth generation.
Peter Flavel, global head of Standard Chartered Private Bank, said: “The private bank will bring international investment expertise and a full range of value-added advisory services. Our deep home market knowledge of Asia, Africa and the Middle East and our presence across Asia, Middle East, Europe and Americas connects clients to the growth economies of the world.
"Taiwan has a tremendous market potential. We aim to catch this pace of growth by taking leadership position in private banking in Taiwan and doubling our AUM over the next three years. We are launching in the right market at the right time and we aim to be the right financial partner for our clients for generations in Taiwan."
The private bank will provide financial planning and wealth structuring services, as well as investment management and access to various products linked to these services.
