Strategy
Standard Chartered Launches Private Banking Programme for Expat Koreans
Standard Chartered Private Bank has launched a new private client programme for what it terms Global Koreans.
This is claimed to be the world’s first integrated investment and
financial package designed specifically for high net worth global
Korean expatriates. Standard Chartered says that for the
first time Korean HNW expatriates can have both their
international private bank investment needs and their local
Korean financial services met in one integrated client focused
programme.
The new service is being launched in Singapore, the global
headquarters of Standard Chartered Private Bank. It will be
rolled out to other key markets in the Standard Chartered Bank’s
network over the next 12 months.
Peter Flavel, global head of Standard Chartered Private Bank,
said: “We’re now present in 30 private bank offices globally.
When you look at the fastest growing HNW markets, we’ve got a
strong presence in 9 out of the top 10 markets. It’s a
terrific position from which to market The Standard Chartered
Private Bank."
"Korea itself over the last three years was the third fastest growing HNW market globally. Standard Chartered is the largest international bank in Korea by some margin," he said.
"If you add to our unique local Korean presence Standard
Chartered’s established banking heritage across Asia, Africa and
the Middle East, we have a tremendous opportunity to meet the
growing private banking needs of Koreans executives and
entrepreneurs working outside of Korea,” Mr Flavel
said.
The bank says that Korea is the world’s third fastest growing HNW
market, with global assets at $289 billion, and projected to grow
to $440 billion by 2012. It also points out a growing trend
for HNW Koreans to emigrate to Asia-Pacific, predominantly
Singapore, Hong Kong and Shanghai.
According to Standard Chartered, no one player currently has
a significant share of the expatriate Korean wealth market in
Asia Pacific, where there is an estimated 4 million offshore
Koreans, of whom over 68,000 are in the HNW segment. In
Singapore, there are over 20,000 Koreans, of whom over 20 per
cent are HNW individuals, and that number is growing with the
country’s economy.
