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Standard Chartered targets HK millionaires in GBA expansion

Standard Chartered is set to open three additional branches in Hong Kong to capitalise on the affluent market in the Greater Bay Area and Southeast Asia. The London-based bank's expansion plan follows a significant 166% year-on-year surge in pre-tax profits for its Hong Kong unit in H1 2023. CEO Mary Huen revealed that the new outlets, situated in the city's tourist hotspots, are tailored to high net worth individuals from the Greater Bay Area and Southeast Asia. The bank has already opened two branches during the Covid lockdown, and is planning to recruit more staff for the upcoming outlets. Huen noted a robust demand for account openings and investment products from both areas after the border reopened.


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