Standard Chartered is considering launching a standalone wealth management operation in China, according to Bloomberg.
The company is reportedly looking to sell mutual funds to retail investors in the country.
The operation would make it the first foreign bank to fully own a wealth manager in the country.
Reports state that the London-headquartered bank worked with a consulting firm last year on a feasibility study and the plan is under management review and subject to changes.
Standard Chartered declined to comment on the rumours, but a spokesperson said: “Wealth management is one of the key business priorities for Standard Chartered. We continuously evaluate relevant opportunities across the market with the aim of enhancing our all-round capabilities to best serve our clients in China.”
This comes a day after asset management giant Abrdn confirmed it was seeking a partnership deal to set up a wealth management operation in the Asian country.