Standard Chartered Private Bank
Long before it became the wealth management destination du jour for private banks, the Middle East has been a priority market for Standard Chartered Private Bank. The bank opened its first branch in the region in Bahrain in 1920. Hence, while its peers are still hiring teams and customising their wealth management offering to better suit regional specificities, Asian Private Banker found that Standard Chartered Private Bank is able to focus on deepening its share of wallet in the Middle East.
Standard Chartered Private Bank’s regional office is headquartered in the Dubai International Financial Centre. In the Middle East, Standard Chartered Bank’s operations span the following key countries: Bahrain, Egypt, Iraq, Jordan, Saudi Arabia, Kuwait, Lebanon, Oman, Pakistan, Qatar and the United Arab Emirates. At present, 64 dedicated private banking relationship managers service the region, and the bank has iterated its commitment to continuously hire quality talent.
Another differentiating factor for the bank is its extensive product suite that is innovative and extensively customised to suit local needs and norms. Aside from offering Shariah-compliant products to its wealth management clients, Standard Chartered was also the first bank to offer a Shariah-compliant offshore RMB fiduciary deposit for clients. “This is how we innovate and customise, and this is what sets us way ahead of others as being the preferred private bankers for the ultra high net worth in the Middle East,” says Stephen Richards-Evans, Managing Director and Head of Europe, Middle East, Africa, India and the Americas at Standard Chartered Private Bank.
This instinctive understanding of what clients truly want is reflected in Standard Chartered Private Bank’s asset base; and whilst asset size is not the only criterion Asian Private Banker uses to assess success, 20% year-on-year growth in revenues from its Middle East private banking operations cements Standard Chartered Private Bank as the winner of this year’s Asian Private Banker Best Private Bank – Middle East award.