Standard Chartered has announced plans to increase its frontline private banking team in the United Arab Emirates by 20%, aiming to better serve its high and ultra-high-net-worth clients as part of a broader growth strategy.
Like other London-listed banks, including Barclays and HSBC, Standard Chartered is focusing on enhancing its wealth management operations to counter reduced revenues from lending amid a period of declining central bank interest rates.
The bank’s expansion in the UAE’s private banking sector aligns with its strategy to double investments in this business over the next five years, according to a statement released on Wednesday.
As part of this initiative, Standard Chartered has made seven significant appointments.
Earlier in the month, the bank revealed its target to secure $200 billion in new assets and achieve double-digit income growth within its global wealth division over the next five years.
Additionally, Standard Chartered is focusing on attracting wealthy clients from China and India to meet its ambitious targets.
