Standard Chartered (StanChart) has signed partnership agreements with the Singapore Indian Chamber of Commerce & Industry and The Institute of Chartered Accountants of India in Singapore.
According to an Oct 15 announcement, these engagements will deepen the bank’s “global Indian proposition” by further unlocking access to Indian business networks in Singapore and enhancing presence within the community.
This builds on a refresh of the proposition, announced in 2024, to “reinforce StanChart’s role as an international banking partner for affluent individuals residing in India as well as the global Indian diaspora across the globe”, reads the announcement.
The number of high-net-worth individuals in India with more than US$1 million ($1.3 million) in liquid assets has doubled in the past decade, and StanChart projects this segment to reach 1.6 million individuals by 2027.
This is mirrored by global Indians living internationally, where remittances from global Indians were worth US$129 billion in 2024.
James Lye, StanChart’s global and Singapore international banking head, says: “We are witnessing a significant rise in wealth among the global Indian community, accompanied by a growing demand for more sophisticated cross-border banking and wealth solutions. Through local partnerships like these, we can strengthen the bank’s relevance in key markets, solidify our differentiated proposition, and position ourselves to support and grow alongside this wave of wealth creation.”
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The British multinational bank has a primary listing on the London Stock Exchange, but the bulk of its earnings come from Asia, Africa and the Middle East.
StanChart has secondary listings on the Hong Kong Stock Exchange, the National Stock Exchange of India and OTC Markets Group Pink.
Singapore’s Temasek Holdings is StanChart’s largest shareholder. As at Dec 31, 2024, Temasek holds a 17% stake in StanChart, and it is the only shareholder with an interest of more than 10%.
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In conjunction with the festive season, StanChart hosted a Deepavali celebration in Singapore, attended by more than 200 clients across its priority and private banking segments, as well as corporate clients.
The event was headlined by Hindi playback singer Sonu Nigam and featured a traditional Diya lighting ceremony as well as a classical sitar and tabla performance.
The Singapore event is part of a series of Deepavali celebrations hosted by the bank across key cities like Dubai and Mumbai.
Photo: Standard Chartered
