Standard Chartered is reportedly planning to focus on boosting the total share of income it receives from its retail business to 50% as part of its five-year plan.
"We are absolutely committed to increasing the retail as a proportion of the bank," Standard Chartered group head for retail clients Karen Fawcett was quoted as saying by the publication The National.
Fawcett told the publication: "At the moment, it’s in the 30 to 35% range. We would like to be in the 40 to 50% range, and the reason it is smaller is because of the success of the wholesale side, corporate and institutional clients. When you look at our five-year projections, we will be getting towards that."
The bank has been scaling down its physical presence, putting branches in strategic locations such as shopping malls where affluent customers are found.
According to The National, the bank is considering both Dubai and Abu Dhabi on the list of the 80-odd global cities where StanChart is focusing on to boost business.
The UAE is currently the fourth-largest contributor to the operating income for the bank’s retail business, said Fawcett.