Standard Chartered opens the network’s first International Banking and Priority Private centre in Singapore
Standard Chartered Bank has announced the opening of its flagship International Banking and Priority Private centre at Ngee Ann City.
Singapore is the first market in the Bank’s global network to launch a centre like this, capitalising on its position as the most competitive economy and as one of the best cities for business, according to a press release by the Bank.
Priority Private is a segment designed for high-net-worth clients with a minimum of SGD1.5 million assets under management (AUM) with the Bank. Priority Private clients enjoy bespoke tailored solutions and wealth privileges such as an extended range of investment opportunities, preferential pricing, and exclusive access to a highly experienced relationship management team. This is traditionally only available in the private banking space.
Recognising the need for cross-border services, the Bank also offers International Banking services to Priority Private clients who require global banking and wealth management solutions outside of their current market of residence. This includes investing in overseas markets, making multi-currency payments or funding the education of their children. About one in three Priority Private clients are International Banking clients.
Since the Bank started its Priority Private offering to clients in March 2018, the number of clients has more than doubled. 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.
With the growth of wealth both domestically and internationally, the Bank expects the growth trajectory to continue. To support the growing number of International Banking clients, the Bank plans to double its relationship managers over the next four years.
Dwaipayan Sadhu, Head of Retail Banking, Singapore, Standard Chartered, said “We are pleased that Singapore is the first market in the Bank’s network to open an International Banking and Priority Private Centre; this is a clear recognition of Singapore’s position as a leading international wealth management centre and a significant hub for doing business in the world. 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.”
The newly opened branch at Ngee Ann City is located in Singapore’s prime shopping district on Orchard Road, where clients frequently patronise, according to Standard Chartered. The branch facilitates private conversations in an exclusive lounge, made comfortable with facilities and an assortment of refreshments such as champagne, exquisite tea and French pastries. Meeting rooms that are luxurious, yet homely, are also accessible for family members of clients to rest and relax, while the clients meet with their relationship managers.