Standard Chartered launches local billionaire desk

DEEP POCKETS::Credit Suisse has forecast high net worth Taiwanese will increase from 380,000 now to 500,000 over the next four years, lifting wealth management demand

By Crystal Hsu  /  Staff reporter

Sat, Sep 01, 2018 - Page 12

Standard Chartered Bank Taiwan has launched a new priority banking service aimed at courting wealthy Taiwanese, whose number is rapidly growing and could reach 500,000 by 2022, it said.

The local branch of the British banking group is aiming to attract clients with a personal net worth of at least NT$30 billion (US$976 million).

Global wealth grew 6.4 percent to US$280 trillion last year, with Taiwan accounting for US$3.6 trillion, an annual gain of 12.1 percent, Standard Chartered retail banking head Kate Lin (林素真) said on Wednesday, citing the Credit Suisse Research Institute’s Global Wealth Report 2017.

The number of high net worth Taiwanese last year stood at 380,000 and could swell by 30 percent to more than 500,000 over the next four years, suggesting ample need for wealth management, Lin said.

“We aim to meet the need, an area that has been the core and strength of Standard Chartered Bank,” she added.

Most affluent Taiwanese share certain traits: They often accumulate wealth through corporate operations and wealth management, travel frequently and enjoy fine dining wherever they can, Lin said, adding that the bank offers priority banking customers privileges including reservations at Michelin-starred restaurants, priority outpatient registrations in China and frequent flyer benefits.

Wealthy Taiwanese also assign great importance to their children’s education, and the bank would offer advice on school selection and career planning, she said.

Priority banking customers are to enjoy interest rates of 3.25 percent on US dollar deposits and deductible mortgage interest rates of 1.58 percent, Lin said.

Standard Chartered plans to reach beyond Taipei later this year by setting up a third iWealth center in Taoyuan to meet the growing demand for digital services, Lin said.