BEST PRIVATE BANK – INDIA DOMESTIC
STANDARD CHARTERED PRIVATE BANK
When foreign private banks look towards India, they typically see a US$797 billion opportunity ripe for the picking. But India is a market where the homeground advantage counts for a lot and, recently, foreign players have struggled in the face of stiff competition and regulatory complexities. Moreover, the UHNW space is becoming increasingly crowded with local outfits that typically leverage independent stock broking houses, putting them in direct competition with independent asset managers, family offices, private equity firms and, of course, wealth managers.
An exception to this rule is Standard Chartered Private Bank. With a deep-rooted history of 150 years, universal banking capabilities and a comprehensive network, Standard Chartered Private Bank stands out for its ability to draw upon its securities and brokerage entity and non-banking finance company to bring clients an innovative suite of solutions and services.
2016 was a year when Standard Chartered’s private banking business in India delivered strong financial results, headlined by a 50% YoY increase in assets under management (as of October 2016), robust profits and a healthy cost/income ratio.
Standard Chartered’s ‘one bank’ approach has helped it deliver new business throughout its client pool, with clients enjoying a full-spectrum offering, including private equity, lending, mortgages and corporate banking. Leveraging the whole bank has enabled Standard Chartered’s private bank to keep costs and talent-related pressures in check.
Investments in talent in 2016 resulted in a net increase in frontline numbers, while institutionalised training and feedback mechanisms have helped keep retention rates high. On the tech front, Standard Chartered Private Bank’s pledge of US$250 million to build a single wealth management platform across its regional offices has had a positive effect on its India operations. The technology revamp has involved investments in automated advisory projects, digital client-facing tools and biometrics.
“We support our clients through our team of experienced bankers who understand their needs and can provide them with access to a comprehensive suite of wealth management offerings that are designed to help them manage their wealth, even in increasingly challenging market conditions,” says Sandeep Das, Standard Chartered Private Bank’s India head. “Our strong balance sheet further enables us to provide a wide variety of lending and funding services, both domestically and across our network, to these entrepreneurs with whom we have established strong relationships.”
Standard Chartered is Asian Private Banker’s Best Private Bank – India Domestic for 2016.