CHENNAI: Standard Chartered Bank launched its private banking centre in Chennai on Friday targeting ultra high net worth (UHNW) customers. UHNW customers are individuals having net worth of over $30 million.
It is the fifth centre to be launched by the leading international banking group in India after Bengaluru, Delhi, Mumbai and Kolkata.
Apart from India, the bank operates private banking centres in four other countries, including Singapore, Dubai and Hong Kong. The private banking proposition is designed for UHNW clients offering a range of products, advisory and insights to manage and protect personal and business wealth.
Additionally, clients get access to a suite of unique investment, wealth and banking solutions.
Nitin Chengappa, MD and head (affluent, private bank and branch network), Standard Chartered Bank India, said the entry threshold for private banking is $1 million.
“We wanted the Chennai centre to be the gateway for Tamil Nadu and Kerala. As per studies, the state is home for 170-180 UHWNs, which is estimated to grow by 65% in the next five years. This number is going to grow to 275-300 in Tamil Nadu, and we are looking at 25% of them banking with us. Bengaluru and Chennai centres should be contributing 25% in the next three to five years in private banking,” he told TOI.
The bank has been expanding the (private banking) facility to Hyderabad, Ahmedabad, Pune and Chandigarh over the next 12 months, he added.
Noting that the USP in private banking is the international banking offering for the UHNW clients, he said private banking is at the top of the bank’s pyramid structure.
Globally, the group has presence in 53 countries and serving clients in 64 other nations.
While the assets under management (AUM) of the private banking vertical is at $12 billion as of December 2022 in India, the bank has 900 UHNW families as its clients in the country.
Pankaj Walia MD & head – private banking, Standard Chartered Bank India, said Mumbai covering the western states such as Maharashtra and Gujarat and Delhi handling the northern states collectively contributes a share 80% of the AUM, followed by Bengaluru and Kolkata. “Among 100 top billionaires in India, 46 billionaires are part of our private banking. Chennai is among the top five cities of billionaires and our focus is bringing them as part of our network.”
