Mumbai: Standard Chartered on Tuesday said that it plans to hire 120 bankers in India over 12-18 months to double the relationship managers for its priority banking arm that focuses on the mid-tier wealth segment.
The drive is part of global plan to hire 850 bankers under the priority banking unit to take on the likes of Citigroup and HSBC in the quest for more affluent customers.
StanChart, which has emerged relatively unscathed from the global financial crisis, has been hiring staff from rivals to boost its Asian operations at a time when many competitors are distracted by problems in their home markets.
“The priority banking segment is a sweet spot in Asia as the financial needs of this segment have been underserved,” Mee Har Foo, global head of Group Premium Banking said.
In India, the bank’s priority banking would target customers with Rs2 million ($41,000) in deposit or Rs10 million of mortgage.
“The segment has about 30,000 customers and the bank targets to double it in three years or less,” head of consumer banking in India, Shyam Srinivasan said.
The bank’s Indian operations are its second-largest outside Hong Kong, contributing 19% to group profits. It has 90 branches in the country.
StanChart, which is adding 1,500 employees this year in India, employs 9,000 at the bank and 7,000 at its offshore centre in the country.