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StanChart opens international banking, priority private centre in Singapore

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The new centre will allow StanChart's affluent clients to catch up on their financial needs whenever they're in Singapore.

STANDARD Chartered Bank (StanChart) has opened its flagship centre for international banking and priority private clients at Ngee Ann City in Singapore.

This is the bank’s first such centre within its global network, it said on Monday.

StanChart’s priority private segment is designed for high net worth individuals with at least S$1.5 million in assets under management with the bank. It offers bespoke solutions and wealth privileges, such as an extended range of investment opportunities and preferential pricing. The clients also receive exclusive access to a highly experienced relationship management team.

In addition, priority private clients can opt for StanChart's global banking and wealth management solutions outside of their current markets of residence.

These international banking services include investing in overseas markets, making multi-currency payments or funding their children’s education.

About one-third of StanChart's priority private clients are also international banking clients.

Dwaipayan Sadhu, head of retail banking Singapore at StanChart, said international banking is a "huge" contributor to the bank's retail business.

Over 20 per cent of its affluent clients are from around the world, and the new branch in Singapore will provide "an oasis for them to catch up on their financial needs whenever they are in town", he added.

The number of priority private clients at the bank has more than doubled since the segment was launched in March 2018, the bank said.

StanChart plans to double the headcount of its relationship managers over the next four years, to support the expected increase in the number of international banking clients.