Standard Chartered Bank Philippines strengthens wealth management arm
June 28, 2011‐ Manila, Philippines
Standard Chartered Bank Philippines is eyeing on the 2500-odd elite Filipinos to invest through its Priority Banking Program in the next six months. The bank is targeting an investment of P2.5 million from them.
A study has put the elite filipino class to be having a wealth of 6.25 billion. And Standard Chartered Bank Philippines is aiming at getting at least P2.5 million (or $50,000) from them to invest in the Priority Banking Program that is targeted at the elite class. Entrepreneurs and professionals who are in their 40s generally fall into this segment. The bank is offering customized services of two types – relationship benefits and household recognition and family benefits. Added to this, The special Visa Infinite Credit Card that has the Priority Banking emblem on it easily allows the bank to distinguish priority banking customers from others.
The short term investment is between 12 to 18 months while the long term investment is between 5 to 10 years.
The bank said it has increased the number of its relationship managers from 39 to 50 in recent times. This would be necessary considering the bank is aiming at 50% of its business to come from priority banking in five years time.
Other top banking news
- Bharatiya Mahila Bank aims at adding 55 new branches in FY 2014-15 (March 11, 2014)
- Indian banking sector to be hit with Microsoft withdrawal of support for XP (March 4, 2014)
- Withdrawal of old Currency Notes in circulation in India (February 22, 2014)
- Linking of MNREGS with the Banking System (February 22, 2014)