It’s during a crisis when you understand what a big bank is made of. Over the last 18 months of pandemic dislocations, Standard Chartered made the most of its 160-year presence in south Asia and its deep roots in Mumbai, New Delhi, Bangalore, Pune and other top cities on the subcontinent.
The 125 new accounts opened by Standard Chartered’s India private bank, helmed by Aman Rajoria, last year helped to increase operating profit in the country by 15% year on year, while total assets under management rose 24%.
In the onshore market, StanChart now manages roughly $13 billion of AUM and nearly $37 billion of custodial assets. The coronavirus shock, it turns out, played to the bank’s already formidable strengths.
The pandemic forced Standard Chartered to adapt to the new normal and reinvent the way it does business, says Rajoria. That means a keen focus on deals that can be done during a pandemic. Transactions in 2020 included a $10 million interbank participation certificate; $200 million of foreign currency non-resident deposits; and a $35 million key lending deal.