Standard Charter banks plans to target middle class in Asia
STANDARD Chartered bank plans to hire 800 staff over the next 18 months as it expands a new service for the growing affluent middle class in Asia.
The London-based bank generates most of its income in the region where its “preferred banking” service has just launched in Singapore and is to roll out into Hong Kong, India, Malaysia, China and Indonesia.
It is targeting the so-called “emerging affluent” bracket, which takes in 42 million people with $50,000 to invest. It has traditionally targeted those with $100,000, a category with an estimated 18 million people.
