Standard Chartered's New Strategy

By Lawrence White

LONDON (Reuters) – Standard Chartered will target $200 billion in new assets and double-digit growth in income from its wealth business over the next five years, as part of a broader strategy to shift towards higher fee-earning sectors.

The bank's announcement expands on plans revealed in October to reduce its retail banking operations in certain markets to fund a $1.5 billion investment in its wealth unit, primarily aimed at mass affluent customers.

Additionally, the bank aims to increase the size of its relationship manager team by 50% by 2028 and will enhance its branches and invest in technology to acquire new clients.

This shift in focus from standard retail banking to affluent clients reflects a similar move by HSBC, which has reduced its retail presence in markets like the U.S. and France while investing in wealth management.

Judy Hsu, CEO of Wealth and Retail Banking at Standard Chartered, stated, "As we continue to focus on our competitive strengths, a significant portion of our investment will enhance those capabilities that support our clients’ international banking needs."

Last month, Standard Chartered also announced it is considering a potential divestment of its wealth and retail banking operations in Botswana, Uganda, and Zambia as part of its new investment approach.

> This story has been corrected to remove the incorrect word 'pound' in paragraph 2, and to say 'increase by 50%,' not 'double,' in paragraph 3.