Exclusive | Standard Chartered tailors UAE offerings to serve wealthy Chinese residents
The United Arab Emirates is a growing hub for people who come to work, set up family offices and start businesses, bank’s wealth CEO says
“We now bank an increasing number of Asian clients, specifically Chinese families, in the UAE,” said Judy Hsu, the bank’s CEO of wealth and retail banking, in an exclusive interview. “It has become a growing hub for people who come and work, set up family offices and start their businesses.”
The bank did not disclose the number or percentage growth of its Chinese clients in the UAE. The overall population of Chinese citizens in the country was estimated at 400,000 at the end of 2022, twice the level in 2019, while about 6,000 Chinese enterprises were operating there, China’s ambassador to the country, Zhang Yiming, told local media at the time.
The move aligned with Standard Chartered’s overall strategy to promote wealth management as its growth engine by investing US$1.5 billion over the next five years. Its third-quarter fee and non-interest income increased 7 per cent from a year earlier to US$3.7 billion, after logging a 31 per cent surge in the previous quarter, thanks to product launches and the addition of rich clients.
Annual China-Middle East trade volume had grown to more than US$400 billion, according to government data, as countries in the region sought to diversify their economies and insulate against geopolitical shocks.