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Standard Chartered Bank's focus on global Indian proposition

Standard Chartered Bank's focus on global Indian proposition

Following Citi's sale of its consumer business in India to Axis, the affluent segment has become a major focus area for Standard Chartered and HSBC India.

Anand Adhikari
Anand Adhikari
  • Updated Jun 12, 2024 9:36 PM IST
Standard Chartered Bank's focus on global Indian propositionStandard Chartered PLC has given a guidance of operating income to increase around the top of 5-7% range with net interest income of $10 -10.25 billion in 2024.

Standard Chartered Plc 's management team member Tanuj Kapilashrami says the global Indian strategy is central to bank's focus on affluent clients in India. 

"The reality is that many banks are doing well in the retail market here, and we are one of them. However, our competitive differentiation lies in leveraging our international presence and network. A proposition like the global Indian strategy is at the core of this, as it targets affluent clients, involves cross-border opportunities, and leverages our network,"says Kapilashrami , who is Chief Strategy & Talent Officer at the global giant. 

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Standard Chartered PLC conducts a major strategy review with the board once a year. This time, India was the destination for the 13-member board, led by Group Chairman Dr. José Viñals and Group Chief Executive Bill Winters. 

They were in India this week to take stock of the bank's strategy and plan the way ahead.

Kapilashrami, as part of the management team was in India. 

In an exclusive chat with Business today, Kapilashrami, who comes with over  two decades of experience in the global financial services sector, says the bank's strategy is very clear. "We are a network bank, which means that anything involving cross-border transactions plays to our natural strengths. We are also focused on affluent customers, including individuals and small business owners in the broadest sense, "says Kapilashrami.

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Following Citi's sale of its consumer business in India to Axis and the emergence of billionaires from start ups, the affluent segment has become a major focus area for Standard Chartered and HSBC India.

"The beauty of doing business in India is that what's happening here plays to the heart of our strategy - effective cross-border transactions and serving the affluent segment. The bank's positioning at both ends of the trade corridors and its support for the affluent customer base , which is continuing to be important, "she says.

"India's positioning is unique. We are a universal bank, and to me, the value of that lies in our ability to bank the entire ecosystem and the connections between our corporate clients and their employees, who also bank with us. We also have individual banking relationships. The beauty of our franchise in India is our ability to address the holistic needs of our clients," says Kapilashrami, who spent a long inning at HSBC before switching to Standard Chartered. 

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Dwelling more on the affluent segment , she says , "I think, to me, the way businesses are evolving and the economy is deepening, the focus will be on unique points of differentiation. The real point of differentiation for us as a bank is our global network. If you consider cross-border transactions as an area where we want to stand out, the needs of the affluent client fit very well with what is unique about our brand ."

The global bank has given a guidance of operating income to increase around the top of 5-7% range with net interest income of $10 -10.25 billion in 2024. 

"We have  taken action to create a simpler and more efficient organisation with changes to our Group management structure and we are advancing our Fit for Growth programme. We remain confident in the delivery of our financial targets and are maintaining our full year 2024 guidance,” said Bill Winters, Group Chief Executive while commenting on the first quarter result in May this year. 
 

Published on: Jun 12, 2024 9:29 PM IST
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