Standard Chartered opens international banking and priority private centre in Singapore

It caters to clients with a minimum AUM of $1.5m.

Standard Chartered has opened its flagship international banking and priority private centre at Ngee Ann City shopping centre, making Singapore its first market ever to launch a centre for this specific segment, the bank announced in a press release.

Priority private is a segment designed for high-net-worth clients with a minimum of $1.5m assets under management (AUM) with Standard Chartered.

About one in three priority private clients are international banking clients, according to Standard Chartered. Since the bank started its priority private offering to clients in March 2018, the number of clients has more than doubled, they added.

The centre is also offering international banking services to priority private clients who require global banking and wealth management solutions outside of their current market of residence. The services include investing in overseas markets, making multi-currency payments or funding the education of their children.

The bank also plans to double its relationship managers over the next four years to meet the needs of the rising number of millionaires in the region. According to the Global Wealth 2019 report by Boston Consulting Group, Asia is expected to experience the fastest millionaire population growth at 10.1% in the next five years and Asian cross-border AUM continues to increase at a growth factor of 1.5 by 2030.

“International Banking is a huge contributor to the Bank’s retail business. Over 20% of our affluent clients are from around the world, and this branch provides an oasis for them to catch up on their financial needs whenever they are in town,” said Dwaipayan Sadhu, head of retail banking for Singapore at Standard Chartered.

The branch facilitates private conversations in an exclusive lounge, and offers refreshments such as champagne, tea and French pastries. Meeting rooms are also accessible for family members of clients to rest and relax whilst the clients meet with their relationship managers.