50 new relationship managers will bolster Standard Chartered's private banking presence in Singapore as it seeks to attract wealthy Chinese clients despite increased regulatory scrutiny.
Singapore remains a critical offshore hub for Chinese wealth, though recent money-laundering cases have led some clients to favor Gulf centers. The city-state saw a 43% surge in family offices in 2024, though analysts question if this growth continued.
Standard Chartered's push reflects its broader strategy to shift towards wealth management, investing $1.5bn over five years. This expansion follows strong 2025 results, including 24% income growth and $52bn in net new assets, with Chinese clients holding offshore wealth accounting for roughly a third of its business.
After hiring, the bank will match its Hong Kong private banker headcount for Chinese clients, signaling its commitment to becoming a leading Asia-Pacific wealth manager despite regional challenges.
Source: Financial Times Companies · Summarized by HeadlinesBriefing