KUALA LUMPUR, April 12 — Standard Chartered Bank Malaysia sees strong growth and demand for wealth management products and services in Malaysia.
Managing Director and Chief Executive Officer Mahendra Gursahani said the country is the second largest wealth management market for Standard Chartered in Asean.
“Our network advantage puts us in a strong position to facilitate trade and investment in Malaysia with our presence in all 10 Asean countries,” he said recently.
According to him, Standard Chartered’s footprint markets comprising Asia, Africa and the Middle East are expected to account for 60 per cent of the global growth in high-net-worth individuals’ personal financial assets over the next three years.
It was reported that rising wealth in Asia has spurred Standard Chartered to focus on the growth in wealth management, targeting high-net-worth individuals for the banking group’s business division in China.
Mahendra said the bank is investing in better technology and standardising platforms across networks in order to improve the client experience through easy and convenient banking.
This, he said, is also in line with the bank’s focus on the growth potential in Malaysia, which is estimated to be one of the two largest e-commerce markets in Asean currently, along with Singapore.
“Malaysia and Singapore account for about half of total online sales in the Asean region,” he said.
Standard Chartered was the first bank in Malaysia, setting up its first branch in 1875 on Beach Street, Penang during the tin and rubber boom. — Bernama
