Standard Chartered forays into private banking

NEW DELHI: Standard Chartered Bank on Friday launched private banking operations in the country with focus on entrepreneurs and senior executives with investible wealth of over 1 million dollars (Rs 4.5 crore).

The Standard Chartered Private Bank would be an extension of the Banks Wealth Management businesses integrating with the Consumer Bank, and tapping on the existing Wholesale Bank, SME and HNW customer base, the bank said in a statement.

To begin with, it is being primarily launched in Mumbai and New Delhi this year. It will further be rolled out to the top 6 cities by 2008 and later to more cities, it said.

"In India we have a natural advantage in this business given our strong banking presence and the large number of entrepreneurs we work with across our SME and Middle Market businesses," Standard Chartered Bank CEO (India) Neeraj Swaroop said.

By 2008, the private banking would be present in top 6 cities and this would be among the largest presence the bank would have in any single market, he said.

The private Banking operation is being simultaneously launched in 10 markets, including Singapore, Hong Kong, Shanghai, Beijing, Seoul, Dubai, London and Jersey, the statement added.