'Standard Chartered is betting on SMEs in India to help grow wealth management business'
Standard Chartered
(StanC) is building its small and medium enterprises (SME) business in India to create a supply line for its
wealth management
business even as the British lender adjusts to regional frontiers in an increasingly deglobalised world, a top global executive told ET.
Xie Wen
, global head,
SME banking
, who has been with the bank for 27 years in different leadership positions, said that as wealth management is a key area for the bank, the SME business becomes a crucial feeder for the lender focused on Indian and Chinese clients. "In our region, especially in Asia, wealth creation (happens) in SMEs. Over the years as we build trust with the promoters we can really cross-sell into wealth. We also have to figure out collaboration between SME relationship managers (RMs), wealth RMs and investment managers. So SME (business) can become a very integrated part for our wealth business," Wen said.
StanChart CEO Bill Winters has said that the bank will double investments in the wealth management business and reshape its mass retail business to focus on developing the pipeline of future affluent and international banking clients. StanC banks 100 billionaires of Indian origin across the world and about 30% of the net new money inflows in 2024 came from this segment.Wen said the SME business in India has been expanding in double digits (percentage) for many years and the bank expects it to continue to grow at that pace. She declined to give the book size globally or in India. "India is going through urbanisation which is a great opportunity. Growth of the middle-class propels consumption which will become the engine of growth. Global supply chain diversifications together with policy support and a growing market are big drivers. For example, Apple is producing phones in India which will bring its supply chain and enhance manufacturing capabilities," Wen said.
Wen said StanC is banking on its international network especially in Asia and Africa. "Globalisation is being replaced by regionalisation. That is happening within Asia and also intra Europe. Where there are challenges, there are opportunities. For StanChart our biggest markets are in Asia and Africa where activity is increasing and we are well positioned to take advantage of," she said.
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