StanChart Expands Hiring Efforts in Hong Kong
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Standard Chartered plans to hire about 400 staff in Hong Kong this year as part of the ongoing expansion of its retail baking and wealth management business.
The Asia-focused lender’s hiring plans are part of its strategy to tap demand from affluent customers for wealth planning, according to a report citing Hong Kong head of consumer, private, and business banking Lay Choo Ong.
In addition to hiring, Standard Chartered is also planning to invest $26 million over the next three years to revamp its branches in the city.
The bank will look to add, relocate and close various branches with the aim of maintaining 70 in the city, according to a previous announcement by Hong Kong CEO Mary Huen.
Although branch visits at Standard Chartered fell 25 percent during the pandemic, the bank believes that demand remains for customers seeking to discuss more complex financial needs.
It is planning to open its second «Priority Private Center» in the city this year as well as three green branches for paperless services, likely in the third or fourth quarter, as part of a pilot project.
According to Ong, assets under management in Hong Kong-registered double-digit growth in the first quarter while wealth management fund flows doubled the annual average in 2020.
Questions & Answers
Q.What areas of its business is Standard Chartered expanding in Hong Kong?
What areas of its business is Standard Chartered expanding in Hong Kong?
The bank is expanding its retail banking and wealth management operations. This expansion aims to meet demand from affluent customers seeking wealth planning services, particularly given growth in assets under management.
Q.How much is Standard Chartered investing in its Hong Kong branch network, and what is the plan?
How much is Standard Chartered investing in its Hong Kong branch network, and what is the plan?
Standard Chartered is investing $26 million over the next three years to revamp its branches. The plan involves adding, relocating, and closing various branches, maintaining a total of 70 across the city.
Q.Despite a drop in branch visits, why does the bank still see value in physical branches?
Despite a drop in branch visits, why does the bank still see value in physical branches?
The bank believes there is continued demand for customers who wish to discuss more complex financial needs in person. This is supported by plans to open new specialist centres and green branches.
Q.What specific new branch formats is Standard Chartered introducing this year?
What specific new branch formats is Standard Chartered introducing this year?
Standard Chartered plans to open its second 'Priority Private Center' in Hong Kong this year. Also, it will launch three green branches for paperless services, likely in the third or fourth quarter, as a pilot project.
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