StanChart targets ASEAN’s wealthy

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Stanchart branchUK-based Standard Chartered bank is looking to take its relationship with Southeast Asia to the next level by expanding its wealth management services, CEO Peter Sands recently said.

The number of Southeast Asian millionaires is growing faster than developed nations, pressing demand for financial services.

Standard Chartered, which draws over three quarters of its operating profit from Asia, remains bullish on the ASEAN region, posting income growth of 13 percent in Indonesia and 18 percent in Malaysia for 2012.

“You have so many people across the region who are getting to a level of income and wealth where wealth-management products become much more relevant to them,” Sands was quoted as saying in Bloomberg.

According to the Asian Development Bank, the 600-million ASEAN bloc is projected to grow economic output by 5.4 percent in 2013 and 5.7 percent in 2014.

Buttressing the bank’s bullish sentiment further, ASEAN nations’ aggregate economy is forecast to more than double from $2 trillion in 2012 to $4.7 trillion in 2020, global research company IHS said in a report.

Pointedly, the rise of the Asian consumer in ASEAN is being led by Indonesia, where the middle and affluent class is also projected to roughly double by 2020 from 74 million to 141 million.

 

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Reading Time: 1 minute

UK-based Standard Chartered bank is looking to take its relationship with Southeast Asia to the next level by expanding its wealth management services, CEO Peter Sands recently said.

Reading Time: 1 minute

Stanchart branchUK-based Standard Chartered bank is looking to take its relationship with Southeast Asia to the next level by expanding its wealth management services, CEO Peter Sands recently said.

The number of Southeast Asian millionaires is growing faster than developed nations, pressing demand for financial services.

Standard Chartered, which draws over three quarters of its operating profit from Asia, remains bullish on the ASEAN region, posting income growth of 13 percent in Indonesia and 18 percent in Malaysia for 2012.

“You have so many people across the region who are getting to a level of income and wealth where wealth-management products become much more relevant to them,” Sands was quoted as saying in Bloomberg.

According to the Asian Development Bank, the 600-million ASEAN bloc is projected to grow economic output by 5.4 percent in 2013 and 5.7 percent in 2014.

Buttressing the bank’s bullish sentiment further, ASEAN nations’ aggregate economy is forecast to more than double from $2 trillion in 2012 to $4.7 trillion in 2020, global research company IHS said in a report.

Pointedly, the rise of the Asian consumer in ASEAN is being led by Indonesia, where the middle and affluent class is also projected to roughly double by 2020 from 74 million to 141 million.

 

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