Standard Chartered
In a country where the wealthy have always preferred to have their cash offshore – in Dubai, Singapore or London – Standard Chartered pioneered domestic wealth management in an effort to keep it at home. And that’s been a good strategy for a London-based bank that, by dint of its colonial heritage, operates with a local mandate in Pakistan, allowing local access with perceived international solidity.
It’s been a good year for StanChart’s Priority Banking operation, as the bank claims it has increased its priority-qualified clients by over 70% during the period while assets grew 74%. Deposits were 30% higher year on year in calendar 2018, and revenues grew 16%.
With a new government in Islamabad now frowning on capital flight and urging Pakistanis abroad and at home to invest in the motherland, the good times look set to continue for Shazad Dada’s team.