Foreign banks are accelerating their wealth management expansion in Shenzhen, with Standard Chartered Bank establishing the Greater Bay Area's first Priority Private Wealth Center.

Standard Chartered Bank’s first Priority Private Wealth Center in the Greater Bay Area has recently opened in Shenzhen, becoming the fourth foreign bank to establish such a wealth management institution in Shenzhen after HSBC, Hang Seng, and Bank of East Asia. As residents’ wealth management needs continue to grow, foreign banks are increasingly setting up specialized institutions focused on wealth management services. To date, four foreign banks have established flagship branches or private wealth centers in Shenzhen. Standard Chartered China currently has four Priority Private Wealth Centers across mainland China, located in Shanghai, Beijing, Shenzhen, and Hangzhou, with a total of 15 worldwide. (21st Century Business Herald)