Standard Chartered ‘doubling down’ on China wealth opportunities despite tax pivot

Standard Chartered plans to increase its investment in wealth centres and hiring in Hong Kong, mainland China and Taiwan to gain more affluent clients, a senior executive said, adding that it doubts Beijing’s stricter enforcement of taxes on cross-border investment will hurt the wealth-management sector.

“We are doubling down on Greater China wealth opportunity,” Judy Hsu Chung-wei, its CEO for wealth and retail banking, told a media briefing last week.

“Greater China – Hong Kong, mainland China...