The Standard Chartered Private Bank which recently completed the acquisition of American Express Private Bank for US$ 823m has been named the "Global Best Private Bank" by Euromoney. This is a first for the Standard Chartered Private Bank which set up its regional headquarters in DIFC in May 2007 and expanded its reach and geographical footprint through the acquisition.
In awarding the accolade to The Standard Chartered Private Bank for its performance in 2007-2008, Euromoney cited risk management, a focus on growth markets, achievements in performance, growth in client base and a commitment to client service and advisory as success factors. These factors were underpinned by the speed of its expansion and talent strategy.
Osama T. Al-Ghoussein, Head of The Standard Chartered Private Bank for the Middle East, said:
"This award is encouraging and recognises our private banking franchise and our emphasis on first class service delivery to the high net worth segment. It also reflects on the combination of Standard Chartered's growth market network with the newly integrated platform capabilities of American Express Private Bank."
"In 2007, the Standard Chartered Private Bank launched in 11 markets over a five week period with a scale and speed that was unprecedented in the private banking industry. With the acquisition of American Express Private Bank (AEB), Standard Chartered Private Bank tripled its distribution strength to 33 offices with over US$40 billion Assets Under Management in under 12 months. With strong credit ratings and a 150-year history, Standard Chartered is a strong and stable partner to private bank clients throughout every stage of their financial life."
Peter Flavel, Group Head of Private Banking discussed future expansion:
"The Private Bank will be adding 150 relationship managers from internal and external sources and will continue its expansion in China and India. We're particularly proud of our growing capacity to develop our own private bankers as part of their natural career path in the Bank."
The Private Bank is not restricted to growing in only a a few markets as it has a strong presence in all the major High Net Worth growth markets of the world including the UAE, Asia and Latin America. The Standard Chartered Private Bank has a full service open architecture client proposition that leverages its heritage and expertise in these dynamic growth markets.
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The Standard Chartered Private Bank
The Standard Chartered Private Bank's heritage stems from over 150 years of international banking excellence that is the Standard Chartered Bank.
The Standard Chartered Private Bank works with clients and their families to understand not just their financial goals but also their fundamental beliefs and values. By offering true open architecture and best of breed products as well as delivering first-class service for the daily banking needs of its clients, The Standard Chartered Private Bank is ideally placed to help clients achieve what they want from their wealth.
We draw on the strength of the Standard Chartered Bank network to deliver a portfolio that is truly personal to the individual. Our clients benefit from a broad array of specialised products and services that can better meet complex needs as their wealth grows, ranging from margin trading, complex credit solutions, structured products, commodities and estate planning, to a wide range of investment products including mutual funds and discretionary portfolios, to the transactional deposits and savings accounts.
For further information please contact:
Patricia Bentham
Head of Corporate Affairs, Standard Chartered Bank, UAE and Oman
Tel: +971 (0) 4 508 2772
Fax: +971 (0) 4 359 4174
Mobile: +971 (50) 654 8287
Email: Patricia.Bentham@standardchartered.com
© Press Release 2008
