Standard Chartered Bank looking for growth beyond metro cities

CHENNAI: Standard Chartered Bank is expanding its focus beyond the top six metro cities in India. The bank is enhancing infrastructure and increasing the number of relationship managers in state capitals for the purpose, its MD and head ( affluent banking and distribution network) Nitin Chengappa said.

"Almost 70% of our revenue comes from the top six metros -- Mumbai, Delhi, Kolkata, Chennai, Bengaluru and Hyderabad -- while 30% is contributed by other cities. But if we see the growth rates, it is much higher than the metros due to the industrial development happening in these cities. We are also investing by putting in the kind of resources to tap into that growth, where upgraded services and various products for the affluent segment and Ultra High Net worth (UHNW) segment customers and private banking will be offered,” he said in Chennai on Monday.

He was speaking on the sidelines of the inauguration of the bank's second international banking centre for global Indians in the city. It is Standard Chartered India's largest branch in south India.

The cities that the bank is targeting next year include Ahmedabad, Bhubaneswar, Chandigarh and Jaipur. However, the private sector bank is not expanding its branch network and will continue to operate with current 100 branches spread over 19 states for CY2025.

"We are adding 120 relationship managers as the services are upgraded, and new products are offered in these cities, taking the total number of relationship managers from the current 400 to 520 over the next one year," he added.