Stanchart launches private banking in India

Mumbai, June 15 (UNI) Standard Chartered Bank, a major player in consumer banking, today announced the launch of its private banking services in India.

On the occasion, Private Banking, India, Standard Chartered Bank Managing Director Shiv Khazanchi said, ''The bank has started its private banking with 200 clients and soon follow it in Delhi and other six cities of the country by the end of 2008.'' Mr Khazanchi said, ''The Stanchart Private Bank will focus on the Bank's natural strengths in the segments of business entrepreneurs and senior executive High Net Worth Individuals (HNWI) with USD one million and above investible wealth.'' He further emphasised that the move will be an extension of the Bank's wealth management businesses, integrating with the consumer banking services and tapping its existing wholesale bank, SMEs and high net worth customer base in the country.

The bank is focusing on wealth management taking an architecture approach to product delivery through 14 global agreements with major assets management houses. With more than 50 provider arrangements in local markets the bank is catering a wide range of financial solutions, added Mr Khazanchi.

UNI