With $65 billion worth of private bank assets, London's head office is a small player compared to UBSG. S) which, based on Asia's private bankers data, owns $2.3 trillion of assets and Credit Suisse (CSGN). S), with $770 billion last year.
The private banking business amounted 3.8% of the total profit StanChart before tax in half this year.
"Our ambition is to see us crossing the $100 billion mark. Which makes us mean internal to the group, which makes us a meaningful player in this landscape, "says Daeniken. "Hitting $100 billion can give us credibility internally, helping us to attract talent."
StanChart is a private banking company for wealthy people across Asia, Africa, the Middle East and Europe, through booking centres in Singapore, Hong Kong, India, London and Dubai Island.
The Unit had weighed the group's revenues in the past, as it attempted to reposition the business to target the rich man with at least $5 million assets that could be invested in a rigid competition in Asia, which brought revenue from revenues.
Underlining potential changes, StanChart's private banking business posted a pre-tax benefit of $100 million in the first half of this year, compared to a $5 million loss over the same period last year.
Private Bank StanChart back on equity (RoTE), a major value of profitability, increased to 15.7% in the first half year compared to the 1% negative in the last year period, the latest financial report shows.
As part of the plan to improve the assets under management, private banking units plan to tap into more company's group and institutional banking clients in Asia and other markets that have existing banking networks.
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"With $65 billion we are certainly not among the greatest, but we are a part... of a company with a large balance sheet, with an unsurpassed presence in the entire market, which is really important when you close the emerging market, "said Daeniken.
In the near term, however, concerns about the global economy and the 10-week protests in Hong Kong that have plugged the Asian financial hub into the worst crisis have made clients "wiser " in their investment decisions, he said.
Daenken said the private banking unit StanChart has come a long way "But the task before us is as difficult as we really need to sustain momentum in a difficult market environment."