Standard Chartered global head of retail clients Karen Fawcett told Reuters in an interview: "We’re steering away from clients who just want a personal loan to those who’ll buy multiple products."
Approximately 30% of the bank’s revenues come from its retail unit. Only one-fifth of its 10.5 million retail clients are affluent, but they contribute to nearly 50% of the unit’s profits, reported the news agency.
According to Fawcett, revenues from rich clients have increased by 10% over the last few years while revenues from less affluent clients have not increased.
The bank’s retail unit has been one of the first to be targeted with cuts.
In January, the bank announced that it would cut approximately 4,000 jobs from the retail division and shut down around 100 branches.
Standard Chartered CEO Peter Sands has been facing intense pressure to revive the bank following a struggle for two years and the restructuring plan is seen as move in that direction.
As part of the latest move, the bank is planning to start a business desk in Dubai for Japanese corporate clients.
The Dubai desk will be opened for clients who are willing to expand business in the Middle East, reported Bloomberg.
In 2012, the company closed its wealth-management business in Japan.
Recently, Standard Chartered announced the sale of its Philippines retail business to reduce costs and asset base, without disclosing details of value the business would fetch post divestment.
The London-listed financial services company Standard Chartered forayed into the Philippines market in 1872 and operates a network of more than 1,700 branches.
It has outlets across more than 70 countries.
The bank does not conduct retail banking in the UK despite its UK base, and derives around 90% of its profits from Asia, Africa and the Middle East.
Image: Standard Chartered Bank China in Guangzhou. Photo: courtesy of Chintunglee