Standard Chartered eyes wealth of richest in PHL

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. 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 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." The bank has hired additional relationship managers to increase their number from 39 in the recent past to 50 at the moment. Priority Banking clients are extended by-invitation-only credit cards to distinguish them from others and immediately identify them as elite clients. Cua explained that their wealth managers are adept at seeking and identifying investment opportunities. — ELR/VS, GMA News