Standard Chartered Expands Private Banking Services in Singapore
Standard Chartered Bank, a leading international banking group headquartered in London, is planning to double the number of private bankers in Singapore who cater to wealthy Chinese clients. This expansion comes despite the increased scrutiny of money flows from China following a series of high-profile money-laundering scandals. Find more details about the bank’s plans Here.
Attracting Wealthy Chinese Clients
With ambitions to be a top wealth manager in Asia, Standard Chartered, also known as StanChart, intends to add up to 50 relationship managers in Singapore this year. The goal is to attract rich Chinese clients, particularly from northern and western China, according to Raymond Ang, global head of StanChart’s private bank. This is in line with Singapore’s long-standing reputation as a popular offshore banking centre for wealthy Chinese clients.
Singapore’s Appeal Despite Challenges
In 2024, Singapore reported a 43 per cent increase in the number of single-family offices, which are often used by individuals to manage their wealth. However, money-laundering cases involving Chinese nationals in recent years have led to increased scrutiny and delays in setting up accounts. This has prompted some clients to favour Gulf financial centres, where the process of setting up bank accounts and establishing family offices is relatively easier.
StanChart’s Confidence in Singapore’s Market
Despite these challenges, StanChart remains confident about the demand in Singapore. The bank, which derives most of its revenue from Asia, believes in the city-state’s historic strength in attracting Chinese wealth. The recent tensions in the Middle East have led some bankers to speculate that wealthy clients may move their money from the Gulf to Singapore.
StanChart’s Expansion Plans
StanChart’s strategy to bolster its wealth management business revolves around attracting wealthy expatriates from China and India, who often have complex multi-jurisdictional sources of income and investment. In 2024, the bank announced plans to double its investment in wealth management and inject $1.5bn into the business over five years. This is part of a broader strategy to diversify into areas less dependent on interest income. As part of this expansion, the bank has opened wealth management centres across Asia in cities like Beijing, Shanghai, Hangzhou, Hong Kong and Shenzhen.
Safe Investment Amid Money-Laundering Scandals
Despite recent money-laundering scandals, StanChart has not been deterred from investing in Singapore. The bank has implemented safeguards and continues to see growth in its wealth management division. In 2025, the division reported a 24 per cent year on year increase in income. The bank added 275,000 affluent clients and $52bn of net new money, with approximately a third of its clients being Chinese customers who held money outside the mainland.
Role of Singapore in StanChart’s Expansion Plans
After the planned hiring spree, StanChart will have a similar-sized team catering to Chinese clients in Singapore as it does in Hong Kong. “The hires we are making in Singapore build on our plans to be one of the leading wealth managers in Asia,” said Raymond Ang, reflecting the bank’s confidence in Singapore as a key player in its expansion plans.
