Standard Chartered sets sights on economic hubs to drive affluent client growth
Standard Chartered Bank is ramping up its focus on affluent banking and SME services in India, with a renewed emphasis on client segmentation, international wealth solutions, and expansion into emerging economic hubs. The strategy is designed to tap into India’s burgeoning wealth market, with the high-net-worth (HNW) client base expected to soar from 0.7 million two years ago to 1.7 million by 2028.
In India, the bank currently operates in 19 states and 42 cities, covering 70% of the country’s GDP.
New branch
“Despite the rise of digital banking, clients still value face-to-face discussions on complex wealth matters, which is why we’re investing in branch designs to create comfortable environments for such consultations,” said Nitin Chengappa, Managing Director of Private Bank, Affluent & Distribution Network at Standard Chartered Bank India, during the opening of the bank’s new International Banking Centre at its relocated branch in Chennai.
The Chennai branch is the second International Banking Centre in India, following Mumbai, and will cater to the global needs of affluent clients and high-net-worth individuals (HNWIs).
The bank’s expansion plan includes major cities such as Delhi and Kolkata, as well as high-potential markets like Kerala, Punjab, and Gujarat. In addition to metro areas, it is targeting emerging state capitals and secondary cities, with upcoming centres in places like Bhubaneswar, where wealth is increasingly growing outside of traditional urban regions.
“Our goal is not to have numerous centres but to establish a select number of robust facilities—around 15-20 within our 100 branches—to support in-depth client engagement,” added Chengappa.
The bank’s wealth portfolio is growing steadily, although specific figures were not disclosed. Overall, its business is expanding at a rate of around 22 per cent year-over-year, with international operations seeing a notable 35 per cent growth.
Universal model
“The wealth management landscape in India is becoming more competitive, with new players entering the market. However, Standard Chartered differentiates itself through its universal banking model, offering a comprehensive suite of services across its banking, non-banking financial company (NBFC), securities, and international arms, providing a cross-border advisory experience that few competitors can match,” said Aditya Mandloi, Managing Director and Head of Wealth and Retail Banking (India & South Asia) at Standard Chartered Bank.
Currently, affluent and SME banking together make up around 72 per cent of the bank’s revenue mix. Wealth solutions are embedded within these segments to address the distinct financial needs of affluent and SME clients. The remaining revenue comes from mass-market offerings such as corporate salary accounts, deposits, credit cards, and home loans.
“SMEs play a crucial role in our portfolio, contributing to GDP and employment. Many SME owners are also affluent individuals, bridging our SME and affluent client bases,” said Chengappa. .