Standard Chartered Bank Taiwan Ltd (渣打銀行) yesterday launched private banking services with the goal of doubling its assets under management within three years.
The global financial services provider said it saw substantial market potential in Taiwan because it has seen capital returning since the government cut the inheritance tax to a flat rate of 10 percent.
The company will take a leading role in “private banking in Taiwan and [hopes to double] our assets under management over the next three years,” Peter Flavel, global head of Standard Chartered Private Bank, told a media briefing.
Flavel said the number of high-net-worth Taiwanese has increased by two digits and is expected to double by 2012.
Susan Wen (溫明芬), general manager of the company’s private banking, said her department would target clients with investable assets above US$1 million.
To that end, Wen said the bank would add 100 fund managers globally with at least 10 years of experience in the next 12 months.
Its private banking services will encompass a full range of value-added advisory services including art, real estate and other investments, Wen said.
Together, high-net-worth clients in Asia, Africa and the Middle East owned US$7.4 trillion in assets last year, accounting for 33.7 percent of the group globally, Wen said. The figure should rise to US$13.5 trillion in 2013, she said.
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