By South China Morning Post | Created at 2025-03-20 02:36:44 | Updated at 2025-03-20 15:38:27
13 hours ago
Standard Chartered will invest heavily in artificial intelligence (AI) and hire more wealth managers in Hong Kong and other markets to achieve its goal of pulling in US$200 billion of net new money from affluent clients over the next five years, according to global CEO Bill Winters.
The London-based bank has operations in more than 50 markets in Asia, the Middle East and Africa, where affluent populations continues to grow. But Hong Kong is the biggest market for the emerging markets focused lender.
“In Hong Kong, China, India, Asean and increasingly in the Middle East and Africa, we are seeing both the demographics and maturation of the economy leading to a greater pool of affluent people who need some help,” Winters said in an exclusive interview.
“Hong Kong is extremely important for Standard Chartered,” he added, noting that most of the bank’s [mainland] Chinese clients work with its bankers in Hong Kong, Singapore or Dubai.
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Exclusive: Standard Chartered’s Bill Winters shares his plans to expand in Hong Kong
Exclusive: Standard Chartered’s Bill Winters shares his plans to expand in Hong Kong
Last month, Winters unveiled a plan to invest US$1.5 billion in its wealth-management business over the next five years. Robust growth in serving affluent clients drove the bank’s profit 19 per cent higher in 2024.
The money will be used to develop AI tools and other technologies and to hire more experienced bankers in wealth management to serve affluent clients in Hong Kong, Singapore and elsewhere.
