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Standard Chartered eyes threefold increase in wealth management revenues from Greater Bay Area
- Standard Chartered plans to hire 1,500 people over the next three to four years to support its overall Greater Bay Area plan as it eyes a slice of the US$46.5 billion Wealth Management Connect
- Bank says its has applied to the Hong Kong regulators to launch wealth products, some of which will invest in new economy and new energy sectors
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Standard Chartered has set itself an ambitious target of growing revenues threefold from wealth management services in the Greater Bay Area in the next four years, a top executive said.
The lender, one of Hong Kong’s three banknote-issuing banks, is keen to get a slice of the 300 billion yuan (US$46.5 billion) cross-border Wealth Management Connect and plans to hire 1,500 people over the next three to four years to support its overall bay area business development.
It is estimated that the Wealth Management Connect will generate US$700 million in fee-based income a year for banks in Hong Kong and mainland China.
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“Wealth Management Connect is [going to be] a very big business,” said Anthony Lin, chief executive of Greater Bay Area at Standard Chartered, adding that he was confident of the bank reaching its goals.
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China's ambitious plan to develop it own ‘Greater Bay Area’
China's ambitious plan to develop it own ‘Greater Bay Area’
Lin said the bank has submitted an application to the Hong Kong Monetary Authority, the city’s de facto central bank, to offer its investment products to mainlanders. He added that while it was confident of being among the first batch of banks to offer wealth management services, the final decision rests with the regulators.
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Beijing launched the 300 billion yuan (US$46.5 billion) cross-border Wealth Management Connect scheme last Friday, the first connect scheme tailor-made for the 11 cities of the Greater Bay Area and marks a further opening up of China’s capital market.
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