(26 June 2007 – China) Standard Chartered is eyeing China as its largest private banking market over the next decade and is set to open its first office targeting private banking customers in Shanghai.The Asia focussed bank said China will become its biggest contributor to private banking for the group.
Following the opening of the Shanghai branch, Standard Chartered will open eight to 10 more offices in different Chinese cities over the next three years.
Foreign banks BNP Paribas and Citigroup have already established private banking offices in China, which now has about 200,000 individuals classified as high net-worth.
Standard Chartered adheres to most banks’ classification of high net-worth individuals, banking people with at least US$1 million in assets.
The bank said its focus was on entrepreneurs and senior executives from multinational companies.