Standard Chartered targets wealthy Chinese and Indian clients with £200bn expansion plan

In recent months, Standard Chartered has set an ambitious goal of acquiring $200 billion in new assets. This initiative is primarily focused on wealthy clients in Asia who are considering moving their businesses out of China due to increasing economic pressures and the possibility of heightened U.S. tariffs under the incoming U.S. administration led by President-elect Donald Trump. The bank seeks to capitalize on the shifting financial landscape, particularly among high-net-worth individuals and businesses looking for more stable offshore and cross-border asset options. Judy Hsu, the chief executive of wealth and retail banking at Standard Chartered, highlighted the bank's intent to expand its services tailored to affluent clients from China and India. As tensions escalate between the U.S. and China regarding trade and technology dominance, many clients are reassessing their financial strategies. This shift creates an opportunity for banks to offer services that cater to the evolving needs of these high-net-worth individuals. In line with its broader strategy, Standard Chartered aims for double-digit income growth in its wealth business over the next five years. The pursuit of fee-earning business models reflects the bank's strategic pivot towards profitable and sustainable income sources, particularly in wealth management, which is expected to yield significant returns in the context of current economic uncertainty. The need for wealth management and advisory services has never been more critical, as wealthy clients seek to protect and grow their assets. With increasing client demand for offshore and cross-border solutions, Standard Chartered has recognized the changing landscape and the vital role it will play. The prospects for growth in this arena seem promising, especially as the geopolitical climate continues to evolve. As businesses navigate challenges such as tariffs and technology centric conflicts, offering tailored banking services becomes crucial for maintaining client relationships and fostering long-term profitability.