StanChart private bank eyes $2 bn as AUM

The private banking division of Standard Chartered Bank is eyeing $2 billion as assets under management (AUM) by the end of 2010, a top official of the bank said.

"The AUM till 2010 end will be at least $2 billion," Managing Director of Standard Chartered Private Bank India Soumya Rajan said.

She said that till the end of June 2010, total AUM of the private bank stood at $1.75 billion.

Rajan said that the private banking cell was having 700 households as clients.

"We expect a robust growth in private banking business," she told reporters here today.

Operating out of five locations at the moment, private banking activity of Standard Chartered would be extended to top 10 to 15 locations over the next three years.

Global CEO of Standard Chartered Private Bank Shayne Nelson said that worldwide, AUM were to the tune of $42 billion, out of which two-thirds were from Asia.

He said that Asia is having more wealthy people as compared to North America.

As a part of CSR activity, the bank would raise $one million for an eye care project for the slum dwellers of Kolkata.