Standard Chartered eyes increase in wealth management revenues from Greater Bay Area
Standard Chartered plans to hire 1,500 people over the next three to four years to support its overall Greater Bay Area plan as it eyes a slice of the US$46.5 billion Wealth Management Connect
The South China Monring Post reports that Standard Chartered has set itself an ambitious target of growing revenues threefold from wealth management services in the Greater Bay Area in the next four years, a top executive said.
The lender, one of Hong Kong’s three banknote-issuing banks, is keen to get a slice of the 300 billion yuan (US$46.5 billion) cross-border Wealth Management Connect and plans to hire 1,500 people over the next three to four years to support its overall bay area business development.
It is estimated that the Wealth Management Connect will generate USD 700 million in fee-based income a year for banks in Hong Kong and mainland China.
“Wealth Management Connect is [going to be] a very big business,” said Anthony Lin, chief executive of Greater Bay Area at Standard Chartered, adding that he was confident of the bank reaching its goals.
The scheme will allow Hong Kong and Macau residents to invest in onshore Chinese fund products through banks in the development zone, while residents in the bay area’s nine mainland Chinese cities will be able to invest in Hong Kong fund products through local lenders.