• Identifies Bhubaneswar as one of Top 10 growth cities in India.

04 July 2024, Bhubaneswar – Standard Chartered Bank, which has a presence in India for over 165 years, sees immense growth potential from the affluent banking business in Odisha. Since opening its Bhubaneswar branch in 2005, it has been at the forefront in offering differentiated products and superior client service.

After establishing a strong presence in the Top 6 cities in India to cater to the growing affluent and wealth segment, Standard Chartered Bank, India, has set its sights on driving growth in the next 10 markets/ state capitals by upscaling to the affluent segment and hiring the relevant talent to serve its growing Private and Priority client base. Bhubaneswar is one of the 10 markets identified as part of the focus to leverage opportunities in the wealth and affluent segment.

Self-employed and working population form a significant part of the bank’s total customers in Odisha. This augurs well with India’s changing landscape, which is going to make huge progress on the back of entrepreneurs, young population, and rapid technological developments over the next many years.

Strong economic growth, favourable demography and a thriving startup ecosystem will enable increased wealth creation opportunities. The Bank’s history, its universal bank capabilities in the country, alongside its international network and capabilities make it an ideal vehicle through which affluent clients can address their many multifaceted needs. The Bank has also been expanding its services to cater to growing needs of entrepreneurs and business owners.

For India, the affluent segment is vibrant and dynamic, and the country’s HNIs are expected to increase to 1.7mn by 2027. The Bank also recognises the importance of the Global Indian segment, whose remittances to India at USD125 billion in 2023 contributed to almost 3% of the country’s GDP. This segment has been among the fastest growing businesses for the bank, growing at a CAGR of 35% every year. Being an International Bank with an excellent footprint across Asia, Middle East and Africa, the Global Indian Proposition will be one of our key differentiators in the market.

The dynamics of the customers are changing, both in terms of how they create wealth and their risk/return profile, there is also a sharp shift in the types of investments that find their way into portfolios of this cohort. From growing and protecting wealth with the right asset allocation, customers are increasingly bringing a multi-generational view for their wealth – this of course influences the choice of investments and liquidity needs as the ultimate beneficiaries of the investments (grandchildren etc) will have a much longer investment horizon.

Nitin Chengappa, Managing Director and Head – Affluent Banking and Distribution Network, Standard Chartered Bank, India, said, “Standard Chartered is a truly Universal Bank that offers its clients the best of both domestic as well as international banking. This makes us well placed to cater to the growing needs of Affluent customers in Odisha. We are well poised to meet all the personal and business financial needs of our clients through our array of wealth solutions and other retail banking products. This is complimented through our specially trained relationship managers and digital solutions to make banking a lot more convenient.”

“We have relationships across generations and therefore we can focus both on a traditional approach while offering bespoke, objective, and holistic advice supported by an open architecture platform,” Nitin added.

For further information please contact:

Rahul Virkar

Head – External Communications

Standard Chartered Bank, India

Email: rahul.virkar@sc.com

About Standard Chartered

Standard Chartered Bank has been operating in India with a continuous presence of over 165 years making it one of the oldest foreign banks in the country. The Bank has a network of 100 branches across 43 cities. Key business segments include Corporate and Investment Banking and Wealth and Retail Banking. For more information, visit https://www.sc.com/in/

Globally, we are a leading international banking group, with a presence in 53 of the world’s most dynamic markets and serving clients in a further 64. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.

Standard Chartered PLC is listed on the London and Hong Kong stock exchanges.

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