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StanChart goes big on private banking

StanChart goes big on private banking

(30 May 2007 – China) Standard Chartered is set to launch a private banking business in China next month as part of a global roll out. The bank will kick off its private banking service in Shanghai and Beijing with eight other cities to follow. These are Hong Kong, Singapore, Seoul, Mumbai, New Delhi, Dubai, London and Jersey.

Standard Chartered is targeting high net worth individuals with US$1 million to US$50 million in assets.

The bank’s group executive director Mike DeNoma said the private banking market was large and growing very fast.

'It is also a fragmented business providing good opportunities for a bank like Standard Chartered. Eighty percent of the wealth is onshore, playing to our network strength,' he said.

Standard Chartered follows in the footsteps of Citigroup and BNP Paribas, which are already operating private banking businesses in China.

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