Standard Chartered sets up banking centre in Chennai to serve UHNI clients

Private sector Standard Chartered Bank has inaugurated its private banking centre in the city, the over-century-old bank said on Saturday.

The Private Banking Centre is the fifth after Bengaluru, New Delhi, Kolkata, and Mumbai.

Aimed at serving high net worth and ultra-high net worth clients, the Private Banking Centre offers products, advisory, and insights to manage, grow, and protect personal and business wealth.

"Being one of the oldest global banks in India, we have relationships across multi-generations and therefore we can focus both on a traditional approach while offering bespoke, objective, and holistic advice supported by an open architecture platform," said the Bank's Managing Director and Head Affluent, Private Bank and Branch Network, Nitin Chengappa.

"We are excited to open our new private banking centre in Chennai. Tamil Nadu is a major economic and financial centre, and we see a lot of potential for growth in our private banking business in this region," he said.

With the setting up of the new Private Banking Centre, the clients would get access to a suite of unique investment, wealth, and banking solutions. The Centre also supports them with a private banker, service manager, and also investment specialist with access to a full spectrum of solutions.

On the setting up of the Private Banking Centre, the bank's Head-Private Banking, Pankaj Walia said, India's Ultra High Net worth population is growing rapidly, and there is a huge opportunity in this space.

"The country's start-up culture, supported by strong GDP growth and new capital, is creating a new group of billionaires," he said.

The Bank recognises the clients' diverse wealth management needs and hence, brings access to a full spectrum of end-to-end financial solutions, as a global universal bank, for every stage of the client's personal and business journey, Walia said in the release.