KUALA LUMPUR: Standard Chartered Bank Malaysia Bhd (StanChart Malaysia), the first foreign commercial bank to offer Islamic banking services in the country, has submitted an application to Bank Negara for a standalone banking licence.
StanChart Malaysia was now awaiting the central bank’s decision on its application, said its head of corporate affairs Zaiton Idrus.
Zaiton said StanChart Malaysia’s priority now was to expand its Islamic banking business.
While currently focusing on attaining organic growth, the bank was open to merger and acquisition opportunities, she said. Standard Chartered plc had said last April that it was keeping its option open on the possibility of setting up an Islamic banking subsidiary in Malaysia.
StanChart Malaysia yesterday launched its portfolio management services catering to high net worth individuals seeking sophisticated and personalised wealth management solutions.
In offering the services, the bank has formed partnerships with Hwang DBS Investment Management Bhd, Opus Asset Management Sdn Bhd and Prudential Fund Management Bhd.
The partnerships would allow StanChart’s clients to have access to the expertise of global fund managers.
Hwang DBS will manage the offshore equity investment portfolio while Prudential will oversee the onshore portfolio. Opus on the other hand will manage the fixed income investment portfolio.
StanChart Malaysia’s head of consumer banking Srinivasan Shyam said the new investment services would cater to individuals with a minimum investment of between RM250,000 and RM500,000. StanChart currently manages assets worth RM2 billion.
StanChart managing director and chief executive officer Julian Wynter added that there were more than 2.4 million high net worth individuals in Asia currently, with Malaysia home to about 20,000 of them. He expects Asia’s wealth to reach US$10.6 trillion (RM33.8 trillion) by 2010.
“We are helping our high net worth customers diversify their investments both across asset classes and across geographies; and adopt more complex investment strategies and products,” he said.