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StanChart may launch private bank in China

Standard-Chartered-Standard Chartered Bank may consider starting an onshore private bank in China. Anna Marrs, global head of Commercial and Private Banking Clients Segments of the bank, said the bank may consider in 2017 what the market looks like and how the bank is executing on other priorities before taking a decision. She also mentioned that the Chinese market is huge. The bank had put a lot of stress on private banking and wealth management as businesses to invest in. Marrs said the biggest contributions to that growth would come from Singapore and Hong Kong, but the bank also expects to grow its business in African countries including Nigeria. She also said Standard Chartered would invest $250 million in a private banking system which would help automate processes in its six key markets.

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