Standard Chartered Banks on Wealth Segment with Priority Banking Relaunch

Standard Chartered Bank (StanC) has officially relaunched its priority banking offering in India, marking a significant step in its strategy to deepen wealth management services. The refreshed program targets clients with assets ranging from ₹50 lakh to ₹2.5 crore, promising a suite of curated travel and wellness privileges, alongside an exclusive invite-only credit card.

Strategic Expansion in a Key Market

Aditya Mandloi, head of wealth and retail banking for India and South Asia at StanC, emphasized India's status as a strategic growth market. The bank aims to cultivate multi-product client relationships within its wealth solutions, moving beyond standalone product offerings. This initiative targets an existing segment of approximately 50,000 clients.

Refined Client Segmentation

The bank's wealth and affluent business is now structured into four tiers: Emerging Affluent (₹15 lakh to ₹50 lakh), Priority Banking (₹50 lakh to ₹2.5 crore), Enhanced Priority (₹2.5 crore to $1 million), and Private Banking ($1 million and above). This segmentation allows for tailored service delivery and product development.

Network and Specialist Growth

As part of this push, Standard Chartered plans to increase branches exclusively focused on affluent banking from the current 20 to 35. Complementing this physical expansion, the bank has bolstered its on-ground support with 380 to 400 relationship managers (RMs) dedicated to the affluent segment, alongside other specialists, bringing the total wealth support team to 750.