Daily Chennai - Tamilnadu, India

Scope International Private Limited, the wholly owned subsidiary of Standard Chartered Bank today announced the global Private Banking hub in Chennai. A unit of Scope’s Consumer Bank business vertical, this hub will cater to the requirements of High Net Worth customers from Jersey, Singapore, India, Hong Kong and UAE. The Standard Chartered Private Bank focuses on High Net Worth individuals (HNWI) having US$1 million and above of investible wealth. The service delivery touches a wide and unbiased range of financial solutions designed to meet individual customer needs.

Speaking about this initiative, Peter Flavel, Global Head, The Standard Chartered Private Bank said “Scope is integral to the Bank’s vision of being the best international bank. Initially set up as a cost arbitrage opportunity by off-shoring processes, Scope has since evolved into a centre of expertise providing risk-controlled process efficiency through scale and talent. Scope’s consistency in approach, metrics and control made it easier for the top-team to decide to do its back-end operations out of Chennai.”

Scope processes over 80 million transactions for the Standard Chartered Bank annually. Based on the expertise it has acquired over a short span of five years and the efficiencies of scale it has been providing the Bank, off-shoring processes to Scope was an obvious choice for the Standard Chartered Private Bank. Moreover, Scope’s innovations in technology combined with process re-engineering and standardisation has always proved a major benefit to the Group.

Sreeram Iyer, CEO, Scope International, expressed that this latest development reiterates the Standard Chartered Group’s confidence in Scope’s delivery models. “Shorter turnaround times are fundamental to superior customer service. At Scope we benchmark each process against the best in class and have consistently challenged ourselves to ensure that we meet and exceed expectations for each product or service. Added to this, our track record of 100% accuracy in risk controlled processing has been key to providing seamless service to the Bank.”

Premod Thomas, Chief Operating Officer, The Standard Chartered Private Bank added that “Scope’s expertise in process design and execution, its flexible and versatile teams, benefit of neutral time zone and impeccable business continuity planning are advantages that the Private Bank will leverage to service its ever-increasing client base. Scope’s capabilities give us enormous confidence in delivering world-class service to our high net worth clients.”

The Standard Chartered Private Bank is an attractive business with High Net Worth individuals (HNWI) in Standard Chartered Bank’s natural geographic footprint, growing very strongly and ahead of global averages. Singapore is the headquarter of the Private Bank business for the Standard Chartered Group. The Private Banking proposition is a more focused approach towards meeting the needs of HNW customers.  In India, research shows that there are about 100,000 dollar-millionaires now growing at 20% every year. Source:moneycontrol

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