Standard Chartered Sees Private Banking Growth In India – Report

Nick Parmee

27 November 2008

Standard Chartered's private banking unit in India sees strong expansion in its managed assets despite a local stock market crash and is growing its branch network, its head told Reuters.

Shiv Khazanchi said private banks were benefiting from the "flight to safety and quality."

He was optimistic of adding quality customers and maintaining double-digit growth in assets under management as the unit expands to three more Indian cities soon from its current five-city network, with the number of dollar millionaires set to grow despite a weak rupee and falling markets.

Mr Khazanchi said: "As GDP growth is restored and as markets recover in the next one or two years, that traditional high pace of growth in the high net worth segment we witnessed over the last two or three years, that will resume."

Standard Chartered started its private banking operations in New Delhi and Mumbai in 2007 and moved into three more cities via its acquisition of American Express Bank.