Standard Chartered Plans Private Banking Initiative

Contributing Editor

9 August 2006

Standard Chartered Bank plans to launch a major private banking initiative by the end of the year, according to sources close to the bank. Announcing its interim results yesterday, the bank alluded to the move by saying it plans to expand its private banking business in the second half of 2006. Sources say the bank plans to launch a revamped private banking business in Asia, which is expected to target the strong growth in wealth throughout the region. Late last year, Standard Chartered bought a 20 per cent stake in Fleming Family & Partners, which is expected to be part of the current push into Asia. As part of the agreement, Standard Chartered said it would introduce clients who use its wholesale banking arm to the London-based multi-family office. The deal is expected to target a small number of families with net worth of more than $100 million. Standard Chartered sold its private banking operations in Asia more than a decade ago. FF&P said at the time of the Standard Chartered deal that it would open offices in Asia during 2006. The firm said in a statement that it will develop its business in the region along similar lines to that which it currently conducts through its existing offices in London, Zurich, Vaduz and Moscow.