Standard Chartered may set up a private onshore bank in China

Standard Chartered may set up an onshore private bank in China in an effort to compete with Goldman Sachs and UBS wealth-management services in the area. The bank has announced it will re-evaluate these plans in 2017 after a careful analysis of the market.

StanChart to start onshore private bank

British bank Standard Chartered will consider next year whether to start an onshore private bank in China, a senior executive said on Tuesday.



"In 2017, we'll look at it again, see what the market looks like and how are we executing on other priorities and then decide," Anna Marrs, Standard Chartered's global head of commercial and private banking client segments, said at a conference in Singapore.



If Standard Chartered sets up a private bank in China, it would compete with Goldman Sachs and UBS on advising wealthy clients in the market.



Standard Chartered has a retail, corporate and priority banking business located in China that enables it to refer wealthier clients to its existing offshore private bank.

