Standard Chartered eyes Kenya’s rich with new Ksh.193B global wealth push

Standard Chartered Bank has ramped up efforts to tap into Kenya’s high-net-worth segment with the launch of a new wealth advisory campaign targeting affluent clients.

The bank says it is investing USD 1.5 billion (Ksh.193.8 billion) globally over the next five years in its affluent business as part of a broader repositioning strategy, which it says is aimed at strengthening its competitive edge and enhancing wealth management services.

The campaign dubbed ‘Now’s your time for wealth’ seeks to serve a wide range of affluent customers, among them entrepreneurs, sophisticated investors and the emerging affluent, helping them grow, protect and pass on their wealth.

“Now is the time to let our clients know that we are with them on their wealth journey. We are well-positioned to continue showing them market opportunities and supporting their wealth ambitions with our diversified wealth product offering,” said Standard Chartered’s Head of Wealth & Retail Banking, Edith Chumba.

“This includes our clear wealth advisory approach that is enabled by digital wealth capabilities, and our open architecture platform of differentiated and comprehensive wealth solutions tailored to their needs.”

The lender plans to spend half of the global investment to recruit and nurture top-tier relationship managers and wealth specialists to enhance services such as wealth advisory and legacy planning.

Another 25 per cent will be used to drive brand awareness and strengthen the association with wealth management.

“Our vision focuses on a global affluent continuum, allowing us to seamlessly cater to clients' financial needs through private banking. As our clients accumulate wealth, they want high-value returns, and we are uniquely positioned to offer them tailored solutions that fit their financial journeys right from the start,” said Chumba.

The campaign also leverages Standard Chartered’s international presence, which spans about 25 markets with wealth hubs in Singapore, Hong Kong, Dubai and Jersey, which the bank says allows it to meet both local and cross-border financial needs of its clients.

According to the 2024 Africa Wealth Report, Kenya ranks fourth in Africa, behind South Africa, Egypt and Nigeria, in the number of dollar millionaires.

The report also projects a 65% increase in the number of Kenyan millionaires over the next decade.