StanC relaunches priority banking

Mumbai: Standard Chartered Bank (StanC) has relaunched its priority banking offering in a fresh attempt to deepen its wealth offerings. The bank will offer priority banking services to clients have assets of between Rs 50 lakh to Rs 2.5 crore together with curated travel and wellness privileges and an invite only credit card.Aditya Mandloi, head, wealth and retail banking, India and South Asia at StanC said the bank had about 50,000 clients in this segment which is a part of the wealth management and private banking business for the bank.“India continues to be a strategic growth market for our wealth and retail banking business. We have relaunched our priority banking business looking at the evolving needs of customers. Our strategy is to have multiproduct client relationships in wealth solutions. We do not want to do standalone products and customers,” Mandloi said.The bank’s wealth and affluent business is divided into four parts—Rs 15 lakh to Rs 50 lakh called the emerging affluent, Rs 50 lakh to Rs 2.5 crore priority banking, Rs 2.5 crore to $1 million enhanced priority and $1 million and above which is defined as private banking.Mandloi said the bank plans to have 35 branches exclusively focussing on affluent banking up from 20 branches now. The bank had 98 branches in India. Mandloi said that the bank has 380 to 400 relationship managers (RMs) focussing on the affluent segment. Along with RMs supporting SMEs and other wealth managers, a total of 750 specialists are on the ground supporting the bank’s wealth business.