Stanchart aims to double relationship managers in 18 months

Standard Chartered Bank’s India operations is planning to increase the number of relationship managers to 1,000 by the end of 2009 from the 660 currently, according to Shyam Srinivasan, head of consumer banking at the British banking group.

The bank, which re-launched its priority banking service today, said the number of relationship managers (RM) may double in the next 12 -18 months. It wants to double base of priority customers from the existing 30,000 in the next two-three years.

The new services will include customised financial solutions covering banking, borrowing, protection and investments, exclusive new products such as the Visa Infinite Card and a rewards programme.

“Our priority banking services will offer a team of relationship managers to each customer,” Srinivasan said, explaining the need for hiring.

At present, the bank’s priority banking division has about 125 relationship managers. Customers having a deposit of Rs 20-50 lakh or an availed mortgage of Rs 1 crore are eligible for the priority banking service, Srinivasan said.

Over the eight key markets where priority banking services are being revamped, Standard Chartered will enhance its RM network by an additional 850, said Mee Har, global head, premium banking, Standard Chartered Bank.

“There is no better time to introduce our revamped priority banking offering and serve our customers’ unmet needs. We are investing in people, systems, products, foot-print and branding, including hiring an additional 850 relationship managers,” she said.

The bank’s credit card base is around 1.3 million as it is not focusing on volume-driven growth, Srinivasan said.

“You won’t see growth across segments. Every month we have grown smartly. We don’t want millions of cards for the sake of it and then it becomes bad credit. We want to be growing in a chosen segment at a good rate,” he added.