Best Private Bank in Asia, Best Private Bank in India - Standard Chartered Private Bank

Standard Chartered Private Bank has performed well over the past year, and has been recognised as both the best private bank in India, as well as the best private bank in Asia.

The private bank has built on the network of the wider Standard Chartered bank, which has history going back 150 years, and is known for its regional focus on emerging markets. The private bank, which has its headquarters in Singapore, has experienced rapid growth in the past 12 months in terms of income, assets under management and the number of new client accounts that were acquired. In 2010, for example, its assets under management grew by 39 per cent in Asia and 31 per cent globally.

The past year, however, has brought particular challenges for the bank, and the wider industry in general.

“In the past year, the private banking industry has seen and felt the most significant changes in the area of regulation. The industry has come under increasing regulatory intensity from compliance to fees, client suitability, transparency, increased capital reserves and so on,” comments Shayne Nelson, CEO of Standard Chartered Private Bank.

“Private banks have had to be nimble and adapt their operating models to the new reality,” he adds.

Mr Nelson notes that part of this new reality is increased costs. “In general, the cost of doing business in private banking has increased. In Asia, this has been exacerbated by fast-rising salaries from a talent crunch. Our challenge lies in maintaining strong growth at healthy cost/income levels, while not compromising client satisfaction,” adds Mr Nelson. JC