Standard Chartered said it will roll out banking for emerging affluent clients in Asia, Africa and the Middle East this year. The British bank is expanding a program available in India since last year.
With so-called «Premium Banking», Standard Chartered wants to win a growing group of affluent consumers who are earning enough to start saving and investing, according to press release on Friday. The program, accompanied by a suite of lifestyle benefits, has been available in India since mid-2017, and the bank said it expects a positive response in other markets as as result.
The program will launch in ten countries in phases. Clients are eligible for accounts based on a minimum monthly average funds under management that varies per market, and other criteria. What benefits can they expect? The bank is dangling complimentary entry to more than 800 airport lounges and access to a team of agents to provide clients with expert wealth management and general banking advice.
«We expect the emerging affluents to be an increasingly important part of our business,» said Standard Chartered's Fernando Morillo, head of retail. The group wants easy and convenient finance to help them save, he noted.
