Standard Chartered CEO sets ambitious growth strategy

Standard Chartered Bank Taiwan’s newly appointed chief executive officer, Anthony Yu (游天立), yesterday unveiled an ambitious growth strategy for the bank’s wealth management division, reflecting a bullish outlook on Taiwan’s high-net-worth market.Yu, the first local executive to lead Standard Chartered Bank’s Taiwan operations, emphasized rising client demand and detailed plans to expand the bank’s digital capabilities, as well as its physical presence across the country.Standard Chartered Taiwan saw a remarkable surge in new wealth management clients last month, with the number of clients holding assets equivalent to US$1 million more than doubling compared with the same month last year, he said.“The strong equity market, combined with growing demand for diversified and succession-focused financial solutions, has created a substantial opportunity for our wealth management business,” Yu told reporters.Taiwan’s benchmark equity index has surged past the 35,000-point mark, generating significant paper gains and expanding the pool of investable assets. As the foreign bank with the largest market share in custody services for overseas institutional investors, Standard Chartered has benefited from the capital inflows and heightened market activity, said the veteran banker, who previously worked at HSBC and Citi before joining Standard Chartered.Since taking the helm three months ago, Yu has prioritized raising Taiwan’s profile within the London-headquartered group.He said that one of his main objectives is to ensure headquarters recognizes Taiwan as a high-potential market, enabling greater flexibility in strategic planning, resource allocation and product innovation.The bank entered this year on a strong footing. Standard Chartered Taiwan last year posted an 18 percent rise in profit, with a return on equity exceeding 14 percent.Overall operations and wealth management each delivered double-digit percentage growth, reflecting robust client demand and effective execution of the bank’s strategy.Yu outlined a multipronged approach for this year.The bank aims to enhance product offerings, refine internal processes through digitization and expand its relationship manager team, which currently numbers about 400, he said.Last year, about 70 new relationship managers were added, and further expansion is planned through a mix of external hiring and internal development, he said.Physical presence remains a key component of the strategy. Following flagship wealth management branches in Taipei’s Xinyi District (信義) and Taichung’s central business district, a third flagship outlet is scheduled to open in May near Taipei’s affluent Tianmu (天母) area, he said.Additional expansions in Kaohsiung and other major cities are under review, reflecting a continued focus on personalized, high-touch client service, Yu said.Yu expressed confidence that the bank’s wealth management business would sustain double-digit growth this year and beyond under his leadership.Taiwan’s strong economic fundamentals and robust capital market performance create a fertile environment for growth, he said.With strategic investments in product offerings, talent and transaction processes, Standard Chartered is well positioned to seize upcoming opportunities and reinforce its market leadership, he added.