Standard Chartered HK’s priority banking clients doubled in 2023

Overseas spending from priority clients have increased 2.5 times last year, SCHK said.

Standard Chartered Hong Kong onboarded close to 100,000 priority new-to-bank clients in 2023, almost double compared to a year earlier, the bank said in a press release.

The bank recently released the Hong Kong Affluent Travel Study 2024, which found that high net worth individuals (HNWIs) in the city plan to spend HK$870,000 for travelling this year. On average, HNWIs spend HK$150,000 on long haul trips, and HK$70,000 for short-haul trips.

In line with this trend, Standard Chartered Hong Kong saw overseas spending from their priority clients increase 2.5 times in 2023, said Yvonne Lam, head of affluent segment & strategic alliance consumer, private and banking, Hong Kong at SC Hong Kong.

 “Hong Kong's economy is recovering steadily. By delivering our strategic priorities, we have recorded a remarkable growth in affluent business,” Lam noted, adding that they will continue to strengthen their affluent proposition and endeavour to understand their financial needs, travel interests, and lifestyle preferences to become the affluent’s go-to bank.

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The bank announced that new customers who sign up for Standard Chartered’s Priority banking on or before 30 April 2024 with a minimum of HK$1m in new funds will receive 50,000 Asia miles.

They are also offering a competitive deposit interest rate of up to 5%. 

New customers who apply for the Standard Chartered Cathay Mastercard - Priority Banking can enjoy up to 80,000 Asia Miles.

In addition, by opening up an Asia Miles Time Deposit account with new funds for every HK$100,000 can earn 40,000 miles.

The Cathay Mastercard offers HK$2 = 1 mile, and eligible spending can earn up to 100 status points in a calendar year. 

On or before 30 May 2024, new cardholders who successfully apply for the Standard Chartered Cathay Mastercard will also earn an opportunity to take a share of a total of 10,000,000 Asia Miles.