Standard Chartered launches global Koreans wealth platform
Standard Chartered Private Bank has underlined its ambition to target wealth owners from fast-growing Asian markets with the launch of a division dedicated to wealthy Koreans living abroad.
The bank's global Koreans initiative is being launched in Singapore, with Hong Kong to follow to serve Greater China, and London, Geneva and Dubai launches planned in the next 12 months.
Peter Flavel, global head of Standard Chartered Private bank, said Korea was the third fastest growing high net worth market over the past three years. "It is a significant and growing market but nine out of 10 global Koreans do not yet have a private banking relationship," he added.
There are 68,000 high net worth expatriate Koreans living elsewhere in Asia Pacific, according to Korean government figures, and 4,000 living in Singapore.
The bank's global Korean private client programme follows the launch in London this month of a global Indians programme.
Both initiatives will be staffed by relationship managers from the target community and will seek to use Standard Chartered's wholesale bank to offer credit services to entrepreneurs.
The global Koreans programme will include an overseas real estate service including offshore mortgages, art and collectibles advice and concierge services.
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