Standard Chartered Plc’s Asia Chief Executive Officer Benjamin Hung is convinced the Chinese wealth spigots will keep on flowing.
It won’t be smooth, but the trajectory of China’s markets continuing to open is clear even as challenges mount at this “moment in time,” Hung, 59, said in an interview in Hong Kong, the bank’s biggest market.
“What you’re seeing is that fundamental need of Chinese wealth looking for a way to diversify,” said Hung, adding that companies are also looking to spread investments. China to Asean cross-border income at the bank grew 82% in the first half of the year, reflecting the trade flow shifts. With China and Hong Kong accounting for $1.2 billion, roughly 37.6% of the bank’s total pretax profit during the first half, there’s plenty at stake. The lender is pushing ahead with a plan to invest $300 million in China by 2024.The 30-year veteran at the bank took over as the chief for Asia during the pandemic in 2021, helming a region that accounts for $2.7 billion, or more than 80%, of bank’s first half pretax profit. He’s seen the bank through cycles since returning to the region.
The lender operates out of two hubs in Asia, Hong Kong and Singapore. Of the two, Singapore has the larger headcount with 9,000 people, and is also home to regional and global roles. Hung is based in Hong Kong where the bank has a bit more than 6,000 staff. “If you see prospects, we also want to invest,” he said, adding that the bank is also finding “surplus areas” to streamline.
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