Standard Chartered Private Bank has launched an ambitious new programme targeting what it calls the global Indian community.

The international Indian community is an obvious target for Standard Chartered which is the largest foreign bank in India.  And what is different about this offering is that is targeting both onshore and offshore Indians in the same proposition – a first according to the bank.

According to Standard Chartered, the new in-depth financial service offering is a tailored suite of investment management, credit and advisory services designed for high net worth Indians living around the world.  The bank defines high net worth as those individuals who have at least $1 million in investable assets with the bank.

There are 375,000 high net worth Indians worldwide, 250,000 offshore and 125,000 onshore and the market is growing at a rate of more than 15 per cent a year, Shiv Khazanchi, head of the private bank in India and the Global Indian project told WealthBriefing. The onshore Indian market wealth management market alone is worth at least $350 billion, he said. The bank conservatively estimates that the offshore potential is around $500 billion.

The Standard Chartered Private Bank’s Global Indian portfolio includes: investment management that is tailored to HNW Global Indians delivered by Global Indians; estate planning and credit; advisory and daily banking services; client advisory panel to ensure that Standard Chartered’s products are meeting clients’ needs and expectations; philanthropy partnership programme to help clients’ contribute back to the environment and society ; and an art advisory service.  

The new initiative is being launched today in London, but the Global Indian offering will be rolled out to Singapore in the fourth quarter of 2008, followed by other centres including Dubai, Hong Kong and Miami in 2009.

“This was staring us in the face as being the right thing to do,” Mr Khazanchi told WealthBriefing. “This may lead on to other iniatives to serve other elements of the Indian subcontinent communities,” he said.

Standard Chartered is confident that it can succeed in this market as it can offer the Indian community a freshly packaged offering with no legacy issues that some of its competitors may face. It also prides itself on being able to offer a wide range of wholesale banking services in without being constricted to silos.

A dedicated Global Indian Service Team will be set up in each booking centre to act as a single point of contact for relationship managers, providing seamless service to clients for their cross border transactions and investment needs.

Peter Flavel, global head of The Standard Chartered Private Bank, said: “Our Global Indian proposition has several firsts that distinguish The Standard Chartered Private Bank offering and will position us as the preferred global private bank for Global Indians.

"Combining the heritage and commercial capabilities of Standard Chartered in Asia with the investment expertise of our global private bank, we are delighted to offer Global Indians a wide ranging and customised solution to meet their international business and wealth management needs.”