StanChart Philippines plans setting up wealth management unit

The lender woos 2,500 of the country’s affluent to avail Priority Banking Program composed of competent wealth managers.

The country’s oldest foreign bank has embarked on a quest to manage the wealth of some of the country’s richest individuals, collectively valued at P6.25 billion ($143.4 million).

Standard Chartered Bank’s (StanChart) wealth management arm seeks to convince at least 2,500 of the country’s elite to invest at least P2.5 million ($57,359) through their Priority Banking Program.

According to Marion C. Kohchet-Cua, general manager at StanChart’s wealth management unit, the program should contribute a significant volume of business to Stanchart’s wealth management operations “which has more than doubled the past several years."

The program, Cua said, “speaks of our long history of service in the Philippines validated by the endorsement of our national hero himself, Dr. Jose Rizal, a longstanding and valued client whose 150th birthday we also commemorated this month."

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