Standard Chartered targets US$200 billion in Hong Kong

Standard Chartered plans to reach a goal of US$200 billion in new money, with Hong Kong playing a crucial role. The bank's CEO, Bill Winters, highlighted the importance of the city in their overall strategy during a recent interview. Hong Kong is the largest market for Standard Chartered, which operates in over 50 countries across Asia, the Middle East, and Africa. Winters pointed out that there is a growing number of wealthy individuals in regions like China, India, and Southeast Asia. He noted that many of the bank's Chinese clients prefer to work with their bankers in Hong Kong, Singapore, or Dubai. Last month, Winters announced a US$1.5 billion investment over the next five years to develop the bank's wealth-management services. This funding will support new technologies, including artificial intelligence, to improve services. The bank aims to enhance services for affluent clients, which helped boost profits by 19 percent in 2024. The bank plans to hire more experienced bankers to facilitate this growth in Hong Kong, Singapore, and other markets.